MENU
component-ddb-728x90-v1-01-desktop

West Virginia Senate passes a budget bill in late night session

The West Virginia Senate passes a budget bill in the late hours on Thursday. It now goes to the House for consideration. (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.

Trending