W.Va. House postpones vote on income tax bill
CHARLESTON, W.Va. (WSAZ) - The West Virginia House of Delegates moved Friday to postpone the third reading and vote on the income tax bill by one day.
House Bill 3300 would cut the state’s income tax over time and uses revenue growth to offset the budget difference.
During yesterday’s public hearing on the bill, many people expressed concerns about cuts to school and health care to name a few.
The plan set to go up for a vote would not increase the sales tax or create any new taxes, as the Governor’s original plan would, but it is expected to take more than a decade to completely eliminate the income tax, according to the bill’s fiscal note.
House leaders who wrote the bill said it is much more financially responsible since it ensures a balanced budget by lowering the income tax based on the state’s revenue growth. The Tax Commissioner would set the income tax rate each year to decrease by at least $150 million dollars based on projected revenue until it becomes zero.
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