PRESS RELEASE: Cardinal Institute Celebrates Historic Tax Reform in West Virginia
FOR IMMEDIATE RELEASE
DATE: March 07, 2023
FOR MORE INFORMATION CONTACT
Amanda Kieffer, Communications Director, Cardinal Institute for WV Policy
PHONE: (304)-541-9551| EMAIL: [email protected]
Cardinal Institute Celebrates Historic Tax Reform In West Virginia
Charleston, WV – The Cardinal Institute for West Virginia Policy applauds Governor Justice for signing into law HB2526, the compromise tax plan agreed to by the West Virginia Senate, House, and Governor. This historic tax reform represents another step toward building a West Virginia that provides economic opportunities to all.
This bill includes a 21.25% income tax reduction in the first year and triggers to continue reducing the income tax beginning in 2024. The legislation additionally includes several personal property tax rebates.
“This historic personal income tax cut will ensure working West Virginians keep more of their own money to spend, save, or invest,” said Garrett Ballengee, Executive Director of the Cardinal Institute. “When coupled with other recent—and historic—reforms like the Hope Scholarship program, these tax cuts make West Virginia a much more attractive place to the millions of workers and families who relocate every year.”
Ballengee continued, “It is safe to say that West Virginia is more competitive than it ever has been for jobs, investments, and families looking for something, and someplace, special. While the tax cuts are a prudent first step, it is important to maintain this momentum and continually look for ways to further reduce the burden of government on ordinary West Virginia taxpayers. Congratulations to the Legislature and Governor Justice on this monumental victory for working West Virginians.”
Founded in 2014, The Cardinal Institute for West Virginia Policy, Inc. is a 501c(3) non-profit dedicated to research, develop, and communicate effective free market public policies for West Virginia.