Bill Text: WV HB2148 | 2018 | Regular Session | Introduced
Bill Title: Providing taxpayers repaying their own student loans a modification reducing federal adjusted gross in the amount of the interest paid
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2018-01-10 - To House Education [HB2148 Detail]
Download: West_Virginia-2018-HB2148-Introduced.html
WEST virginia Legislature
2017 regular session
By
[
to the Committee on Education then Finance.
A BILL to amend the Code
of West Virginia, 1931, as amended, by adding thereto a new section, designated
§11-21-12j, relating to providing taxpayers repaying their own student loans a
modification reducing federal adjusted gross in the amount of the interest
paid, for personal income tax purposes.
Be it enacted by the
Legislature of West Virginia:
That the Code of West
Virginia, 1931, as amended, be amended by adding thereto a new section,
designated §11-21-12j, to
read as follows:
ARTICLE 21. PERSONAL INCOME TAX.
§11-21-12j. Additional modification reducing federal
adjusted gross income for interest paid on student loans.
(a) For taxable years beginning after December 31, 2017, in
addition to amounts authorized to be subtracted from federal adjusted gross
income pursuant to other sections of this article, a modification reducing
federal adjusted gross income is authorized for payments made representing
interest the taxpayer has paid on the taxpayers student loans during the
taxable year. The modification allowed
by this section is allowed only to the extent the amount is not allowable as a
deduction when arriving at the taxpayers federal adjusted gross income for the
taxable year in which the payment is made.
(b) The Tax Commissioner shall
promulgate procedural rules providing a procedure for taxpayers to follow to
establish that the amount of the modification claimed qualifies under this
section.
NOTE: The purpose of this bill is
to provide taxpayers repaying their own student loans a modification reducing
federal adjusted gross income in the amount of the interest paid, for personal
income tax purposes.
Strike-throughs indicate language
that would be stricken from a heading or the present law and underscoring
indicates new language that would be added.