This bill proposes an amendment to the Code of West Virginia 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 $20,000 will be subject to a fixed tax rate of three percent on the amount over that threshold. The same tax structure applies to married individuals filing separately.

The provisions of this new section will take effect for taxable years beginning on or after January 1, 2025, and will replace the existing tax rates specified 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