This bill proposes an amendment to the Code of West Virginia, specifically by adding a new section, 11-21-4j, which establishes a new personal income tax structure. Under this amendment, individuals, including married couples filing jointly, heads of households, estates, and trusts, will not be taxed on the first $20,000 of their taxable income. Any income exceeding this threshold will be taxed at a fixed rate of three percent. The same tax structure applies to married individuals filing separately.

The bill specifies that these new tax rates will take effect for taxable years beginning on or after January 1, 2025, and will replace the existing tax rates outlined in section 11-21-4e. This change aims to provide tax relief for individuals earning up to $20,000 while implementing a straightforward tax rate for higher income levels.

Statutes affected:
Introduced Version: 11-21-4j