Reducing personal income tax

This bill proposes to lower West Virginia's personal income tax rates for individuals, married couples filing jointly, heads of households, and estates starting January 1, 2025. Under the new structure, tax rates would range from 2.16% for income up to $10,000 to 4.67% for income exceeding $60,000, with specific calculations for married individuals filing separate returns. The legislation also reduces withholding tax rates on nonresident income and lottery winnings from 6.5% to 4.67%. Additionally, the bill includes a mechanism to apply an extra 5% reduction to existing tax rates, contingent on meeting certain criteria outlined in the state's fiscal code.