West Virginia Senate passes a budget bill in late night session
CHARLESTON, WV (WCHS/WVAH) —
As we count down to a government shutdown, lawmakers spent another late night at the West Virginia Capitol but with some movement this time.
Shortly after 10 p.m. Thursday, the state Senate passed a budget bill. Earlier in the evening, the Senate approved a revenue bill.
Senate Bill 1017 provides for a reduction of the personal income tax by 5 percent per year for four years, providing there are certain economic triggers that are met.
Additionally, Senate Bill 1017:
• Phases out over two years the income tax on Social Security for individuals with incomes of less than $75,000;
• Exempts military retirement from personal income tax;
• Increases the personal income tax exemption to $2,500 for individuals with incomes of less than $50,000;
• Authorizes rebates of 2016 personal income tax of $150 for individuals with less than $10,000 of income and $100 for individuals with between $10,000 and $25,000 of income;
• Increases amount of credit allowed against personal and corporation net income taxes for qualified building rehabilitation expenditures from 10 percent to 25 percent.
The budget bill includes a 2 percent teacher pay raise, $15 million to the "Save our State Fund" and no cuts to Medicaid's medical services line.
Both bills have been sent to the House for consideration.