To exempt the first $20,000 of earnings from the state income tax for West Virginia residents

HB 2553 exempts the first $20,000 of annual earnings from West Virginia state income tax for resident individuals and married couples filing jointly. It directly affects low-to-moderate income West Virginia residents by reducing their taxable income for state tax purposes. The bill modifies the state's tax code to automatically subtract $20,000 from federal adjusted gross income when calculating taxable income for eligible filers. This change applies to tax years beginning January 1, 2025, and does not require additional application.