Kanawha County, WV (WOAY) – Governor Patrick Morrisey is celebrating the passage of Senate Bills 393 and 400.
These bills conform West Virginia’s tax code to the permanent provisions in the Trump Tax Cuts.
The cuts restore 100 percent bonus depreciation for property and equipment purchases, reinstate full expensing for domestic research and development, and allow charitable deductions of up to $1,000 for single filers and $2,000 for joint filers.
The plan expands business interest deduction and increases the maximum expensing of Small Business investments to 2.5 million dollars.
Families will see an increase in the child and dependent care credit by as much as 50%.
There is also an increase in flexible spending limits for childcare from $5,000 to $7,500Â for joint filers.
