HB 5544
Creating deductions for contributions to Trump accounts
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- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill proposes to allow West Virginia residents to deduct contributions made to ‘Trump Accounts’ established for qualifying dependent children. These accounts must meet specific IRS requirements and be for children born after December 31, 2024, and before January 1, 2029, who have not previously qualified for this deduction. The maximum deduction allowed is $1,000 for single filers and $2,000 for married couples filing jointly.
Key provisions
- Allows deductions for contributions to ‘Trump Accounts’.
- Qualifying dependent children must be born between December 31, 2024, and January 1, 2029.
- No prior deduction allowed for the same child.
- Maximum deduction of $1,000 for single filers and $2,000 for married couples.
- Earnings within the account are exempt from West Virginia income tax.
- The Tax Commissioner will create rules for administering the deduction.
Who is affected
- West Virginia residents
- Taxpayers with qualifying dependent children
Notable changes
- Creates a specific deduction for contributions to ‘Trump Accounts’.
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