CHARLESTON, W.Va. (WDTV) -- On Thursday evening, the state Senate voted for a new revenue bill.
Senate Bill 1017 passed the Senate by a vote of 30-2. It includes a reduction of the personal income tax by five percent per year for four years, providing there are certain economic triggers that are met.
The bill also phases out over two years the income tax on Social Security for individuals with incomes of less than $75,000. It 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. In addition, it 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.
The Senate also passed a budget bill presented by Governor Jim Justice earlier Thursday. That bill passed in a 29-2 vote.
It includes a two percent teacher pay raise, $15 million to Save Our State Fund, no cuts to Medicaid’s medical services line and smaller cuts to higher education.
Both bills have been sent to the House. Democrats and Republicans there have been critical of income tax cuts. The House is set to meet at 10 a.m. Friday.