When I was first elected to the House of Delegates in 2014, West Virginia was fighting to dig its way out of a significantly downturned economy. Around that same time, in an effort to spur economic growth, then-Gov. Tomblin and the previous Democrat legislative leadership had opted for economic policies that focused on increased government, but that instead created massive state deficits. In order to change the state’s predicament, the newly controlled Republican Legislature opted to focus instead on reducing the budget and enacting pro-growth policies in the face of raising taxes just to be able to pay the State’s bills.

Our efforts to change the state’s trajectory and curb the growth of government have paid off, and over the past several years, West Virginia has experienced record setting budget surpluses. Now, because of those policies, for the first time in a long time, leaders in Charleston are able to keep our long-standing promises by recently agreeing to a historic tax cut to provide much needed relief to hard-working West Virginians.

One of the most significant issues facing lawmakers this session has been how to craft legislation that allows for our citizens to benefit from West Virginia’s economic growth through tax cuts while ensuring that we do so in a fiscally conservative, responsible way. With record inflation, increased prices for consumer goods, and ongoing supply chain issues, we understand that the average family budget is being squeezed. The Legislature knew it needed to act, and the issue became just how to make it happen.

At the beginning of this session, our colleagues in the House of Delegates quickly passed a 50% reduction in the personal income tax. While the Senate agreed with the House’s desire to reduce that tax as much as possible, we did have some concerns about the costs of such a large cut. So once we received the bill we went to work on looking at all the numbers and putting together a plan that was sustainable, affordable, and benefited all West Virginians.

After much debate, I am hopeful that we’ve arrived at a plan that does just that.

Last Saturday, the Senate passed legislation that will return roughly $770 million to the people of West Virginia: $575 million of that plan goes towards an immediate 21% reduction in the personal income tax. A reduction of this size will not only provide relief to individuals and help spur our economy, it does so in an amount that is within our means. With triggers for future reductions included in the bill, our hope is to eventually eliminate the state income tax based on future growth in the state’s economy. By taking this step, we want to show folks around the country that West Virginia is focused on making our state one of the most attractive places in the country to work, live, and raise a family.

Another important part of the Senate’s plan is the full rebate on the personal property tax we pay on our vehicles. This will return roughly $157 million to the people of our state while having zero impact on county budgets. The Senate also included a 50% rebate on the inventory and equipment tax for businesses with gross receipts under $1 million — which will help provide the small businesses that are vital to our communities with tax relief that will help them grow. Lastly, but perhaps most important to me as a veteran and chair of the Senate’s Military Committee, is the rebate that creates a homestead property tax exemption for veterans who have received a disability rating of 90% or greater from the U.S. Department of Veterans Affairs.

I am proud of the work we’ve done in Charleston. Every hopeful candidate for office runs on cutting taxes and rightsizing government. Recent legislators and those of us here now can rightly say we’ve kept that promise. But this is not the end of the road for our efforts: we must ensure that we continue to move West Virginia forward by enacting pro-growth policies and ensuring an efficient state government. I know that if we stay true to the course we started back 2015, we will continue to create a better West Virginia for everyone.

I truly believe that our tax reduction plan is a large part of that and am proud of the $770 million worth of tax relief we’ve put into motion.

Republican Ryan Weld represents the 1st Senatorial District and serves as the Majority Whip as well as the chair of the Military Committee and Vice Chair of the Judiciary Committee in the West Virginia Senate. He also is an attorney with the firm of Spilman, Thomas & Battle in the Wheeling office.