Disabled Veterans in West Virginia Are Eligible for Tax Break in 2024 | News, Sports, Jobs


JOHN POWELL

West Virginia’s severely disabled veterans will be eligible for a tax break starting next year.

State lawmakers passed the Property Tax Adjustment Act of 2023 (House Bill 2526) during the 2023 regular session.

The legislation states that beginning January 1, 2024, a West Virginia veteran with a 90% or greater Veterans Administration Combined Disability Rating will be eligible for an income tax credit in the amount of property tax they paid to their county of residence. The credit applies only to tax paid on real property used for residential purposes.

This tax credit will be applied as a discount on the veteran’s 2024 taxes filed in 2025.

If the tax credit allowed exceeds the amount of the veteran’s personal income tax, the eligible taxpayer may claim — for that taxable year — the excess amount as a refundable tax credit under the new law.

Any tax credit approved in accordance with the provisions of this section shall terminate immediately if the property owner dies, the property is sold, or the county assessor determines the property no longer qualifies for a tax credit.

The credit also cannot be put toward the payment of delinquent real property tax, or any back taxes owed, the legislation states.

John Powell, commander of American Legion Post 1 in Wheeling, said it is possible many veterans aren’t aware of this new tax benefit due them.

“One of the things I’m finding disappointing is the Governor’s Veterans Council didn’t do a good job getting the world out. A lot of vets don’t know about it,” he said. “I know about it, because I follow what goes on in Charleston

“We pass a bill, we need to do a better job of getting the word out.”

He suggested veterans stay in contact with veterans organizations for information and about tax credits due them, or to read up about it.

Veterans bring in about $2.77 billion annually into West Virginia, according to Powell. This includes money received through retirements, disability funding and other payments to veterans.

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Read More: Disabled Veterans in West Virginia Are Eligible for Tax Break in 2024 | News, Sports, Jobs

2023-09-04 04:26:34

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