By Roger Adkins, Charleston Gazette-Mail
CHARLESTON, W.Va. — The West Virginia Senate approved a tax-cut plan Wednesday that favors what senators are calling a more fiscally conservative and multi-faceted approach over the governor’s proposed 50% reduction in the personal income tax.
The proposal was announced at a news conference Wednesday morning at the Capitol. Later in the day, the Senate held a special floor session in which they suspended state constitutional rules requiring bills be read on three consecutive days and advanced Senate Bill 424. The bill, which now moves to the House of Delegates, passed by a vote of 33-0, with one senator absent.
The bill includes a 15% decrease in personal income tax, which equals about $375 million, Senate Finance Chairman Eric Tarr, R-Putnam, said. The bill would also eliminate the “marriage penalty,” so that married couples who file their taxes jointly would receive the same rate as a single person.
The plan also calls for personal property tax credits, including a 100% rebate on automobile taxes, and a 50% rebate in equipment and inventory taxes paid by West Virginia small businesses. Additionally, the bill includes a homestead real property tax rebate for military veterans with more than a 90% disability rating…
