This bill proposes amendments to the West Virginia Code regarding personal income tax, specifically targeting the treatment of social security benefits. The key change is the insertion of new language that allows for the exemption of social security benefits from personal income tax for taxable years beginning after December 31, 2024. This means that individuals receiving social security benefits will not have these benefits included in their West Virginia adjusted gross income, effectively reducing their taxable income.

Additionally, the bill modifies existing provisions related to retirement income and other deductions. It removes certain limitations on the modification of retirement benefits, allowing for a more favorable tax treatment of social security income over time, culminating in a full exemption by 2026. The bill aims to provide financial relief to residents relying on social security benefits, thereby promoting economic stability for this demographic.

Statutes affected:
Introduced Version: 11-21-12