Bill Text: WV HB2616 | 2018 | Regular Session | Introduced

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Bill Title: Decreasing the personal income tax rates for certain taxpayers and raising the personal income tax rates for certain other taxpayers

Spectrum: Partisan Bill (Democrat 10-0)

Status: (Introduced - Dead) 2018-01-10 - To House Finance [HB2616 Detail]

Download: West_Virginia-2018-HB2616-Introduced.html

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WEST virginia Legislature

2017 regular session

Introduced

House Bill 2616

By Delegates  Brewer, Ferro, Moye, Longstreth, Caputo, Hartman, Evans, E., Sponaugle, Diserio and Pyles

[Introduced February 21, 2017; Referred
to the Committee on Finance.]

A BILL to amend and reenact §11-21-4e of the Code of West Virginia, 1931, as amended, relating to decreasing the personal income tax rates for certain taxpayers and raising the personal income tax rates for certain other taxpayers.

Be it enacted by the Legislature of West Virginia:

That §11-21-4e of the Code of West Virginia, 1931, as amended, be amended and reenacted to read as follows:

ARTICLE 21. PERSONAL INCOME TAX.

§11-21-4e. Rate of tax -- Taxable years beginning on or after January 1, 1987 January 1, 2018.

(a) Rate of tax on individuals (except married individuals filing separate returns), individuals filing joint returns, heads of households, estates and trusts. -- The tax imposed by section three of this article on the West Virginia taxable income of every individual (except married individuals filing separate returns); every individual who is a head of a household in the determination of his or her federal income tax for the taxable year; every husband and wife who file a joint return under this article; every individual who is entitled to file his or her federal income tax return for the taxable year as a surviving spouse; and every estate and trust shall be determined in accordance with the following table:

If the West Virginia

taxable income is:                                                             The tax is:

 

Not over $10,000                                                              3% of the taxable income

 

Over $l0,000 but not                                                         $300 plus 4% of excess

      over $25,000                                                                              over $10,000

 

Over $25,000 but not                                                        $900 plus 4.5% of excess

      over $40,000                                                                              over $25,000

 

Over $40,000 but not                                                        $1,575.00 plus 6% 5% of

      over $60,000                                                               excess over $40,000

 

Over $60,000 but not                                                        $2,775.00 $2,575.00 plus 6.5%

       over $85,000                                                              5.5% of excess over $60,000

 

Over $85,000 but not                                                        $3,950.00 plus 6.25% of excess

      over $115,000                                                                     over $85,000

 

Over $115,000 but not                                                      $5,825.00 plus 7% of excess

      over $150,000                                                                      over $115,000

 

Over $150,000 but not                                                      $8,275.00 plus 8.5% of excess

      over $250,000                                                                      over $150,000

 

Over $250,000                                                                  $16,775.00 plus 8.9% of excess

                                                                                                   over $150,000

 

(b) Rate of tax on married individuals filing separate returns. -- In the case of husband and wife filing separate returns under this article for the taxable year, the tax imposed by section three of this article on the West Virginia taxable income of each spouse shall be determined in accordance with the following table:

If the West Virginia

taxable income is:                                                             The tax is:

Not over $5,000                                                                3% of the taxable income

Over $5,000 but not                                                          $150.00 plus 4% of excess

            over $l2,500                                                                over $5,000

Over $l2,500 but not                                                         $450 plus 4.5% of

            over $20,000                                                               excess over $l2,500

Over $20,000 but not                                                        $787.50 plus 6% 5% of

            over $30,000                                                         excess over $20,000

Over $30,000 but not                                                      $1,387.50 $1,287.50 plus 6.5%

        over $42,500                                                                 5.5%of excess over $30,000

Over $42,500 but not                                                      $1,975.00 plus 6.25% of excess

        over $57,5000                                                                  over $42,500

Over $57,500 but not                                                      $2,912.50 plus 7% of excess

        over $75,000                                                                    over $57,500

Over $75,000 but not                                                      $4,137.50 plus 8.5% of excess

        over $125,000                                                                  over $75,000

 

Over $125,000                                                                $8,387.50 plus 8.9% of excess

                                                                                              over $125,000

(c) Applicability of this section. -- The provisions of this section, as amended by this act, shall be applicable in determining the rate of tax imposed by this article for all taxable years beginning after December 31, 1986 December 31, 2017, and shall be in lieu of the rates of tax specified in section four-d of this article.

 

 

NOTE: The purpose of this bill is to decrease the personal income tax rate for certain taxpayers and raising personal income tax rate for certain other taxpayers.

Strike-throughs indicate language that would be stricken from a heading or the present law and underscoring indicates new language that would be added.