The Senate met at 3 p.m. on Monday and quickly suspended the constitutional rules to pass Senate Bill 2033, which reduces the state income tax by two percent.
The two percent compromise, down from the Governor’s original five percent, came to the body after the Governor amended the Special Session call a second time this afternoon.
This two percent cut returns around $46 million to state taxpayers. This tax cut would be in addition to the 21.25 percent income tax cut that just went into effect, plus another 4 percent cut that will occur automatically next year because the state hit an economic trigger.
According to Finance Chairman Eric Tarr (R-Putnam), this two percent cut will be paid for with $19 million that will become available once the state pays off a revenue bond and $20-25 million in realized savings from efficiencies in other agencies. The bulk of those savings come from the split of DHHR into three new departments.
The bill now heads to the House of Delegates for consideration.
The Senate laid over much of its calendar to Tuesday, but did pass several other bills from the Governor’s amended call
Senate Bill 2035 provides funding for certain federally-funded broadband expansion programs to come from the West Virginia Economic Development Authority. Senate Bill 2037 provides a $350,000 allocation to New River Community and Technical College. Senate Bill 2038 expires $15 million in unclaimed property and returns it to the general revenue.
These bills now head to the House of Delegates for consideration.
Following a couple hour recess, the Senate returned to bid farewell to several members. The Senate adopted resolutions honoring the service of Senators Robert Karnes (R-Randolph), Chandler Swope (R-Mercer), Mike Caputo (D-Marion), Charles Trump (R-Morgan), Robert Plymale (D-Wayne) and Craig Blair (R-Berkeley).
The Senate is adjourned until tomorrow, Oct. 8, at 11 a.m.
