HB 5007
Creating an income tax deduction for gym memberships
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- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill proposes to create an income tax deduction for West Virginians who pay for gym memberships within the state. It would allow taxpayers to deduct up to $60 per month, or a total of $720 per year, spent on gym memberships. The goal of this legislation is to provide a financial incentive for residents to participate in fitness activities. This deduction would be added to West Virginia’s personal income tax code.
Key provisions
- Creates an income tax exemption for gym memberships.
- Allows a deduction of $60 per month for gym memberships.
- The maximum annual deduction is $720.
- The exemption applies to gym memberships located within West Virginia.
Who is affected
- West Virginia residents
- Gyms located in West Virginia
- Taxpayers in West Virginia
Notable changes
- Adds a new section to the West Virginia Code regarding gym membership deductions.
- Specifies a monthly deduction limit of $60.
- Sets an annual deduction limit of $720.
Fiscal impact
The bill would reduce state income tax revenue by the amount of deductions claimed by taxpayers.
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