(Charleston) The Senate Finance Committee made changes to House Bill 2001, which aims to exempt social security benefits from personal income tax.
The Senate Finance Committee staggered the exemption over a three year period. So in the first year 35 percent of the tax would be removed. In the second year 65 percent of the tax would be removed. In the third year 100 percent of the tax would be removed. The tax would not exist thereafter.
With the changes the bill passed in the Senate. Now the Senate has requested the House concur with the changes.
The removal of the social security income tax would mean a $50 million reduction in revenue collected if it becomes law.
West Virginia is one of thirteen states to tax social security income.