Justice to unveil proposed West Virginia tax cuts next week
(The Center Square) – West Virginia Gov. Jim Justice is expected to unveil a proposal to cut taxes next week as the state continues to see revenue collections come in above estimates.
West Virginia’s general revenue collections for December came in $145.6 million above estimates and 9% higher than prior year receipts, according to Justice’s office. Year-to-date collections in West Virginia are $833 million above estimates – a surplus that the governor’s office said means “major tax cuts” for West Virginians.
West Virginia finished the last fiscal year with a roughly $1.3 billion surplus.
“We’ve seen more and more surpluses roll in each and every month of this fiscal year, and now it’s time for some relief in the form of substantial tax cuts,” Justice said in a statement. “With this new year comes the opportunity before us to make real, substantial tax cuts that will benefit West Virginians for generations to come.”
Justice is set to deliver his State of the State address Wednesday, where he is expected to offer insight into plans to cut taxes. Earlier this week, Justice told reporters he’ll be announcing the “biggest tax cuts in the history of this state.”
The governor and lawmakers have struggled to reach an agreement on how to cut taxes during his term, however. Justice proposed a permanent 10% cut of the personal income tax in July, and while it passed through the House of Delegates, the state Senate refused to take it up, as reported by the Associated Press.
