2026 Regular Session
HB 5169
To provide a tax credit for new parents in this state in certain circumstances.
In Committee
Take action
Record your position on this measure.
Sign in to record your position, submit testimony, or contact your legislator.
Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill proposes a state tax deduction for West Virginia residents who have children eligible for a federal ‘Trump Account.’ The ‘Trump Account’ is defined under federal code 26 USC 530A. Parents who utilize these accounts to pay for their children’s expenses would be eligible for a deduction similar to those available for college savings plans.
Key provisions
- Creates a state tax deduction for eligible parents.
- Eligibility is tied to children qualifying for a federal ‘Trump Account’ (26 USC 530A).
- The deduction is modeled after existing deductions for ‘Smart 529’ and ‘529’ plans.
- Parents must utilize the ‘Trump Account’ for their children’s expenses to qualify.
Who is affected
- Parents in West Virginia
- Children eligible for a ‘Trump Account’
- Taxpayers in West Virginia
Notable changes
- Establishes a new tax deduction based on federal ‘Trump Account’ eligibility.
Arguments in favor
Reasons to support this legislation.
No arguments in favor have been submitted.
Submit yoursArguments opposed
Reasons to oppose this legislation.
No arguments opposed have been submitted.
Submit yours