CHARLESTON, W.Va. — The state Senate is poised to send the budget bill to the House earlier than ever before, according to Senate Finance Committee Chairman Jason Barrett.
Barrett, R-Berkeley, said the budget document approved by the committee demonstrates a way to get the additional five percent cut to the personal income tax.
“We want to get this conversation started very early,” Barrett said Tuesday on MetroNews “Talkline.” “It was important to me to include the budget as we pass the tax cut to show there is a way to get there.”
Senator and Finance Committee member Ben Queen, R-Harrison, said he expects changes as major issues like PEIA and the school funding formula are addressed. The additional five percent cut to the personal income tax will require a $125 million offset—something that will be a challenge down the final stretch of the legislative session.
“My colleagues have taken the position that our priority is the governor’s ten percent tax cut,” Queen said on WAJR’s “Talk of the Town.” “Obviously in the world of negotiation we could fall somewhere around that.”
Queen said the Senate version reflects disciplined spending and the use of the state revenue surplus to get the additional five percent income reduction and balance the budget.”We’re not increasing spending too much more this year, but we’re also using surplus money,” Queen said. “We have about $300 million in surplus money right now that we continue to have each year.”
The Senate version uses the existing school funding formula likely to be changed during this session. The House Education Committee continues their review in search of a formula that better accounts for rural areas and special education costs.
“It’s the first time in the history of the funding formula that we have completely utilized it, including the CPI adjustment,” Barrett said. “The Jobs & Hope is restored to last year’s funding level, and there’s $1 million for pregnancy centers, so we’ve a lot of improvements in this budget.”
The work being done by lawmakers regarding the state school funding formula is ongoing. House Education Committee Chairman Joe Statler, R, Monongalia, 79, has noted the process could show funding to public schools needs to be increased.
“I will give my House colleagues an immense amount of credit for attempting to pull out the school aid funding formula and piece it together to try to figure out what the best thing for our buck is as we change the formula,” Queen said.