2026 Regular Session
HB 5269
The Young Professional Tax Credits
In Committee
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- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill creates a new tax credit in West Virginia for college graduates between the ages of 18 and 40 who have student loan debt. The credit is based on the accumulated interest paid on those loans. Additionally, the bill includes a refundable child care tax credit for college graduates residing in West Virginia, mirroring the federal dependent child tax deduction.
Key provisions
- Creates a tax credit for student loan interest paid by graduates aged 18-40.
- The credit is calculated based on the accumulated interest on student loans.
- Provides a refundable child care tax credit for college graduates.
- Eligibility requires residency in West Virginia for at least three years.
- The credit is available until the student loan is repaid or the graduate reaches age 40.
Who is affected
- College graduates
- West Virginia residents
- Taxpayers with student loan debt
- Parents claiming a child care tax credit
Notable changes
- Introduces a new tax credit specifically for student loan interest.
- Establishes a refundable child care credit tied to college graduation.
- Sets an age limit of 40 for eligibility for the student loan credit.
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