West Virginia is looking at a possible $800 million surplus at the end of the fiscal year

Jessica Patterson and Mark Curtis

3 minutes ago

CHARLESTON, W.Va. (WOWK) – With just four days left in the fiscal year, West Virginia Governor Jim Justice said it’s unlikely the state will see the 10% personal income tax cut he had hoped for.

The governor did say, based on preliminary numbers, it appears the state will have about $800 million in excess dollars. While the state won’t see the percentage Justice had hoped for, he said in his semi-regular briefing on Wednesday that West Virginia should continue working toward the goal of eliminating the personal income tax altogether.

“We must continue on that path as quickly as possible. I mean, if West Virginia today could advertise that West Virginia has no personal income tax, it would be incredible what good would come to this state,” Justice said. “We have to keep going. We absolutely need to do what I’ve said time and time again: pay close attention to the store.”

The governor said it’s important for the state to continue to lead the effort to eliminate the tax because there are other states that want to eliminate their income taxes, and there are others that don’t have the tax. Justice said he plans to push the Legislature and the tax revenue department while he’s still in office to do as much as he can toward some form of tax relief.

“If we are not careful, other states will now try to do the same. If we are not careful, we will become aware that we are behind. Instead of being at the forefront, we’re going to be at the back,” Justice said.

Justice said other allocations for portions of the projected surplus have not yet been finalized, but one area his office is looking at is infrastructure and roads. While the governor said the state’s roads have improved significantly since Roads to Prosperity began, there is always more work to be done.

While some of the surplus money could be used for necessary projects in the state, such as road improvements, the governor said he does not want to use the money for “pet projects,” and that he wants the money “back goes into the pockets’. ‘of West Virginians.

The financial year ends on Sunday, June 30, 2024 and the new financial year starts on Monday, July 1, 2024.