HB 5606
Establishing the “Stay in State” tax credit
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- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill creates the "Stay in State" tax credit in West Virginia to encourage recent college graduates to remain in the state after graduation. It allows qualified individuals and their employers to claim a credit against their personal income tax for student loan payments made while working in West Virginia, up to a maximum of 10 years. The credit is available for graduates of West Virginia community colleges, colleges, or universities, and certain provisions apply to those who transferred from out-of-state institutions.
Key provisions
- Provides a tax credit for student loan payments made by West Virginia residents who remain in the state after graduating from an accredited West Virginia institution.
- Allows employers to claim a credit for student loan payments made on behalf of qualified employees.
- Offers a reduced credit amount for graduates who transferred from out-of-state institutions with limited coursework.
- Establishes a 10-year carryover period for unused tax credits.
- Defines eligibility criteria for both individuals and employers, including residency and employment requirements.
- Requires West Virginia colleges and universities to promote the tax credit to students.
- Specifies how the credit is calculated based on loan payments and a benchmark loan payment.
- Includes provisions for refundable credits for specific degree types (Bachelor's and Associate).
Who is affected
- West Virginia residents
- West Virginia college graduates
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