The House of Representatives passed a heavy bill which will increase the state’s income tax on social security benefits.
This law will be made for those in brackets, especially reducing social security income from individual income tax to most West Virginians signed by the Governor in the law. This was also a three -year stage.
This proposal will free those people from levying tax on social security benefits in high brackets. The bill was introduced as HB 4880 in the House of Delegates.
The delegates passed the bill 96–0, and now the state goes to the Senate.
Step-out would mean 35%T cut retroactive January 1, 2024; 65% in 2025 and 100% in 2026.
The estimated financial impact of completely eliminating income tax on social security benefits will be slightly higher than $ 37 million.
“This issue about taxation on social security or any pension or retirement program actually grinds my gear, gives me legislative resentment,” said Delegate Larry Kump, R-Barkle.
“We have been fooling this taxation issue on social security for many years. And I am thankful that we are going to do something else on this. I wish we were doing this more quickly and was fully caring for the issue because all our surrounding states do not tax on social security benefits. ,
He said that one of the next three years is better than a third of a pav bread on anything.
“This is definitely better than a strike in the eye with a sharp stick,” the Kump said, “and let’s keep the light for these people.”
AARP is emphasizing to eliminate income tax on social security benefits. Genin Miller, State Director, AARP West Virginia, said that phase-out is a moderate approach.
“We think this is a prudent option to exclude it. Miller said on the” talkline “of the metronus,” he did this for the first time. “So this is the way they have chosen, and this is the way we will walk.”
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