Charleston, West Virginia – West Virginia Governor Jim Justice has put forward a proposal to phase out the state income tax on Social Security benefits over the course of three years. This plan has garnered support from the House Finance Committee, marking a significant development in tax legislation in the state.
The proposed plan aims to provide relief to retirees and elderly residents who depend on Social Security as a primary source of income. Governor Justice emphasized the importance of alleviating the financial burden on this demographic, stating that the elimination of the income tax on Social Security benefits would greatly benefit retirees and seniors living on fixed incomes.
If the proposal is enacted, it would make West Virginia one of the few states to completely exempt Social Security benefits from income taxation. This move could potentially attract retirees and older adults to reside in the state, contributing to its economic growth and development.
The House Finance Committee has expressed its support for Governor Justice’s proposal, recognizing the positive impact it could have on the state’s older population. Committee members highlighted the potential benefits of the plan, such as improving the financial well-being of retirees and seniors and potentially boosting the state’s economy.
Furthermore, the three-year phased approach outlined in the proposal indicates a thoughtful and strategic plan to gradually eliminate the income tax on Social Security benefits, minimizing any potential budgetary impacts on the state government. This approach demonstrates a commitment to responsible fiscal management while addressing the needs of older residents in West Virginia.
Governor Justice’s proposal and the support it has garnered in the House Finance Committee signify a significant step in addressing the financial concerns of retirees and seniors in West Virginia. If enacted, this legislation could have far-reaching effects on the state’s older population and its overall economic landscape.