CHARLESTON, W.Va. — House of Delegates Speaker Roger Hanshaw says lawmakers and Gov. Jim Justice are close to finalizing an agreement on tax cuts.
Hanshaw said Thursday during an appearance on MetroNews “Talkline” that talks that started in earnest after the Senate passed its plan more than two weeks ago have made significant progress.
“We’ve been working with them (the Senate) and the governor’s staff literally almost every day and we’ve gotten to the point now where we think we’ve addressed everyone’s concerns,” Hanshaw said.
He said that deal could be rolled out in a few days.
“I believe we’re very close on a plan that might even come before both bodies as early as next week,” Hanshaw said.
The House passed its tax cut plan early in the session. It calls for a 50% reduction in the personal income tax over three years. The plan has had the support of Gov. Justice.
This is a busy and chaotic time in the state legislative session to get bills through and read. Where are things at inside the House of Delegates? @SpeakerHanshaw discusses this busy time with @HoppyKercheval. WATCH: https://t.co/yCFQ3nEhk6 pic.twitter.com/Ki85OPbRtG
— MetroNews (@WVMetroNews) February 23, 2023
The Senate-passed bill starts with a 15% decrease in personal income taxes with further decreases tied to revenue growth. The Senate plan also sets up a rebate plan for annual car taxes and the business, equipment and inventory property tax for small businesses.
Hanshaw hinted the top priorities of both plans would make it into the final plan.
“I think it’s safe to say at this point that some component of all the Senate’s plan and a large component of the House plan are on the table to finalize a bill,” Hanshaw said. “What that means is different things to different people.”
Hanshaw said the House likes what the Senate did on tax relief for small businesses through an annual rebate.
“It does target actual West Virginians and we like that. I think you could expect that to be a part of what we arrive on,” Hanshaw said.
Those involved in the negotiations have also been talking with the state Tax Department in connection on how elimination of the “marriage penalty” that’s part of the Senate’s plan would impact revenues.
Gov. Justice welcomed the Senate’s passage of its plan on Feb. 8
“I think it’s wonderful the Senate has come up with their plan. It’s got a lot of really, really good points,” Justice said.