Bill Text: WV HB4731 | 2024 | Regular Session | Introduced
Bill Title: Provide that first $5000 per year earned on Military Duty, Active, National Guard, or Reserves be exempt from the WV State Income Tax.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2024-01-15 - To House Veterans' Affairs and Homeland Security [HB4731 Detail]
Download: West_Virginia-2024-HB4731-Introduced.html
FISCAL NOTE
2024 regular session
Introduced
House Bill 4731
By Delegate Sheedy
[Introduced January 15, 2024; Referred
to the Committee on Veterans’ Affairs and Homeland Security then Finance]
A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §11-21-12o, relating to establishing a tax credit on West Virginia personal income tax for all active-duty military personnel, including National Guard active-duty members and reserve members; providing legislative findings; establishing the credit; and providing for an effective date.
Be it enacted by the Legislature of West Virginia:
ARTICLE 21. Personal income tax.
§11-21-12o. Reduction of West Virginia personal income tax for military members.
(a) Legislative findings. - The West Virginia Legislature finds that military service members have contributed to the State of West Virginia in innumerable ways. As a result, ensuring that current military members remain in West Virginia is of paramount importance. Additionally, keeping military service personnel in West Virginia serves as a recruitment and retention tool.
(b) Tax credit exemption. – There is hereby enacted a tax credit towards the West Virginia personal income tax in the amount of the first $5,000 per year earned for those serving in all branches of the military, including active National Guard members and National Guard reserve members. This first $5,000 earned by such military personnel shall be exempt from the West Virginia personal income tax.
(c) Effective date. – This section shall become effective for the 2024 tax year.
NOTE: The purpose of this bill is to establish a $5,000 tax credit for all active-duty military personnel, including National Guard active-duty members and reserve members.
Strike-throughs indicate language that would be stricken from a heading or the present law and underscoring indicates new language that would be added.
