Relating to personal income tax

This bill modifies West Virginia's personal income tax structure, establishing new graduated tax rates that take effect for taxable years beginning on or after January 1, 2025. Under the new provisions, the state will lower withholding tax rates on nonresident income, the sale of real estate by nonresidents, and lottery winnings. Additionally, the legislation creates a formula to automatically reduce future personal income tax rates if the state's revenue collections exceed inflation-adjusted baseline levels, with reductions capped at a maximum of 10%. These changes directly affect West Virginia residents and nonresidents earning income within the state, replacing previous tax rate schedules with a new tiered system and a mechanism for potential future cuts.