FISCAL NOTE
2024 REGULAR SESSION
Introduced
House Bill 4901
By Delegate Vance
[Introduced January 18, 2024; Referred to the Committee on Finance]
A BILL amend the Code of West Virginia, 1931, as amended, by adding thereto a new section designated §11-21-12o, relating to exempting the first $20,000 of income of resident individuals from personal income taxation.
Be it enacted by the Legislature of West Virginia:
For taxable years beginning on or after January 1, 2024, an additional modification reducing federal adjusted gross income is hereby authorized in an amount equal to the first $20,000 of income of a West Virginia resident individual, or of a husband and wife whose West Virginia taxable income is determined jointly.
NOTE: The purpose of this bill is to exempt the first $20,000 of income of resident individuals from personal income taxation.
Strike-throughs indicate language that would be stricken from a heading or the present law and underscoring indicates new language that would be added.