Both state Senate President Craig Blair, R-Berkeley, and House Speaker Roger Hanshaw, R-Clay, appear to understand that it’s going to take careful maneuvering this legislative session to handle just how to allocate the expected $1.8 billion in excess tax revenue.

There are many variables involved, such as the possibility the surplus looks much bigger because estimates used to craft the current fiscal year’s budget were low-balled, the possibility that natural gas prices will slip back down, and the number of bureaucrats and public officials who will have their hands out.

While those will be factors, here’s today’s reality: West Virginia is sitting on nearly $2 billion in surplus funds, and as the Legislature gavels in for the 2023 session, meaningful tax reform needs to be on the agenda.

West Virginia has the highest personal income tax rate in the mid-Atlantic region. We continue to force businesses to pay taxes on equipment and inventory. And we require residents and business to pay annually for the privilege of owning a vehicle or other personal property.

These taxes and others have held the state back for generations. The time for meaningful tax reform to take place is now, when it can be done from a position of financial strength. Lawmakers and the governor should not waste this opportunity.

Addressing concerns from some that the surplus is manufactured, state Revenue Secretary Dave Hardy on Monday said revenue growth for the month of December 2022 was up 9% compared to December 2021. Year-to-date revenue growth was up 21.2% from 12 months ago. Severance tax growth was up 113% for the past year. And year-to-date personal income tax revenue growth was 13.6%, corporate net income tax growth was 11.8%, and consumer sales and use tax growth was 5.8%.

Those are all strong indicators that the state’s economy is moving in the right direction. Lawmakers should move quickly this session to pass meaningful tax reform for West Virginians.