West Virginia Lawmakers and Governor Justice approved the highest tax cut in West Virginia history. The new plan of the lawmakers will allow people and small businesses to save $750 million annually on their vehicle taxes.
The lawmakers predict that the vehicle tax break will save taxpayers
Lawmakers allow West Virginians to receive a tax credit on their income taxes for property tax vehicles. That yearly tax is one of the more stressful elements of the tax code. Debators call it the 13th car payment of the year, said lawmakers.
Lawmakers allow West Virginians to receive that paid tax be a credit and an addition to their refund. However, the lawmakers called it an unintended consequence.
The vehicle property tax collection system operates during the fiscal year calendar, while taxes on income are on the calendar year, said lawmakers.
Lawmakers leaders and the Justice administration realized that be unfair to those taxpayers
Lawmakers and county officials spread the advice that vehicle taxpayers should only pay half so that when they pay the second, they can claim a dollar-for-dollar tax credit for 2024 taxes.
However, lawmakers said many West Virginians paid the year upon receiving their bill. As a result, those taxpayers would not qualify for any portion of the credit.
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