WV SB392

Reduces West Virginia personal income tax rates effective January 1, 2026, with a top marginal rate of 4.34% on income over $60,000 (down from 6.5%)

Establishes five tax brackets for joint filers: 2.00% on income up to $10,000; 2.66% on $10,001-$25,000; 3.00% on $25,001-$40,000; 4.00% on $40,001-$60,000; and 4.34% above $60,000

Creates a mechanism for automatic future tax rate reductions when general revenue fund collections exceed inflation-adjusted 2019 base year revenues ($4,293,884,754), with cuts capped at 10% per year

Reduces withholding tax rates on nonresident income, nonresident real estate sales, and lottery winnings from 6.5% to 4.34%

Exempts non-grantor trusts administered by licensed private trust companies from state income tax