This bill proposes an amendment to the Code of West Virginia by adding a new section, 11-21-12o, which aims to exempt the first $20,000 of income earned by resident individuals from personal income taxation. The bill specifies that this exemption applies to taxable years beginning on or after January 1, 2025, and includes provisions for married couples filing jointly, allowing them to benefit from the same income exemption.

The key insertion in the bill is the authorization for an additional modification that reduces federal adjusted gross income by the amount of the first $20,000 of income for West Virginia resident individuals. This legislative change is intended to provide financial relief to residents by lowering their taxable income, thereby reducing their overall tax burden.