Bill Amendment: WV HB4947 | 2024 | Regular Session
Bill Title: Creating the “First Time Home Buyer Savings Account Act”
Status: 2024-01-31 - To House Finance [HB4947 Detail]
Download: West_Virginia-2024-HB4947-hb4947_h_b_i_am_1.html
HB4947 H B&I AM #1
McMinn 3919
The Committee on Banking and Insurance moved to amend the bill on page 2, section 2, line 17, by striking the words "single family" and inserting the word "single-family" in lieu thereof.
And,
On page 2, section 2, line 9, by striking the word "calendar" and inserting the words "previous calendar year" in lieu thereof.
And,
On page 2, section 2, line 25, by striking the words "single family" and inserting the word "single-family" in lieu thereof.
And,
On page 2, section 3, line 3, by striking the words "single family" and inserting the word "single-family" in lieu thereof.
And,
On page 3, section 4, line 4. By striking the words "$5,000 for an account holder who files an individual income tax return or $10,000 for joint account holders who file a joint income tax return" and inserting the words "the limits provided by section 5 of this act." in lieu thereof.
And,
On page 4, section 4, line 22, by striking the words "3 (6) of this 2021 Act" and inserting the words "3(f) of this Act" in lieu thereof.
And,
On page 4, section 4, line 24 by striking subsection (5) in its entirety.
And,
On page 4, section 5, line 5, after the word "on" by inserting the words "a return".
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On page 4, section 5, line 8, after the word "on" by inserting the words "a return".
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On page 5, section 5, line 11, after the word "on" by inserting the words "a return".
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On page 5, section 5, line 14, after the word "on" by inserting the words "a return".
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On page 5, section 5, line 17, after the word "on" by inserting the words "a return".
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On page 5, section 5, line 19, after the word "on" by inserting the words "a return".
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On page 6, section 8, line 6, before the words "tax year" by inserting the word "previous".
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On page 6, section 8, line 7, before the words "tax year" by inserting the word "previous".
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On page 6, section 8, line 7, before the words "tax year" by inserting the word "previous".
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On page 6, section 8, line 14, after subdivision (1), by inserting a new subdivision, designated subdivision (2), that reads "(2) Determining or ensuring than an account holder satisfies the requirements to be a first-time home buyer under this act;" and redesignating the remaining subdivisions accordingly.
And,
On page 7, section 9, line 1, after the word "shall" by inserting the words "by July 1, 2024,".
And,
On page 7, section 10, line 14, after subdivision 2, by striking the words "January 1, 2030" and inserting "January 1, 2033" in lieu thereof.
And,
On page 7, section 10, line 3 by striking "January 1, 2028, shall continue to be exempt from taxation for the period and on the terms for which the exemption was granted under this article." and inserting "December 31, 2032, shall continue to be exempt from inclusion in the account holder's adjusted gross income so long as the funds are held in a first-time home buyers saving account or withdrawn and expended on eligible costs: Provided, that no further contributions may be made to an already existing first-time home buyers saving account after December 31, 2032 and any withdraw made to cover expenses that are not eligible costs under this act shall not be entitled to the exemption provided by this article.".
Adopted
Rejected
