CHARLESTON, W.Va. – State Treasurer Larry Pack today announced his support for extending President Donald Trump’s Tax Cuts and Jobs Act of 2017.
The reconciliation package, which includes one of the largest tax cuts in the nation’s history as well as key provisions to benefit all West Virginians, is set to expire at the end of 2025. The legislation permanently extends President Trump’s historic tax cuts and reform package. The bill passed the U.S. House of Representatives and is currently pending before the U.S. Senate.
“The Tax Cuts and Jobs Act of 2017 was a monumental piece of tax reform in our nation’s history and Congress must act by making these provisions permanent,” Treasurer Pack said. “President Trump is delivering on what he promised to all Americans and the people of West Virginia by lowering taxes and unleashing the American economy. I encourage Senators Capito and Justice to help President Trump get this across the finish line.”
“I was proud to work with former Governor Justice to deliver the largest income tax cuts in our state’s history, which provided much-needed relief to our citizens. As President Trump continues to lower taxes at the federal level and our surrounding states follow suit, we in West Virginia must continue our fight to eliminate the personal income tax,” Treasurer Pack said.
The One Big Beautiful Bill now makes several key provisions impacting WVABLE permanent and establishes additional qualifying expenses for SMART529 programs. The legislation permits increased contributions for employed ABLE account owners, authorization for individuals with a SMART529 account to rollover monies tax-free into an ABLE account and expanded eligible expenses under the SMART529 Program to include licensing and certification for trades, educational therapies, curriculum materials, online education resources, and dual enrollment program fees.
“I also want to extend gratitude to Representatives Miller and Moore for prioritizing and advancing this crucial piece of legislation,” Treasurer Pack said. “Our federal delegation has truly stepped up to the plate to make President Trump’s America First agenda a reality for millions of West Virginia families.”
The U.S. Senate is hopeful to finalize the reconciliation package by the July 4th holiday.
For more information regarding the State Treasurer’s Office’s SMART529 and WVABLE Savings Plans, visit wvtreasury.gov
