This bill proposes the creation of "The Young Professional Tax Credits" in West Virginia, specifically targeting college graduates aged 18 to 40 who have student loan debts. It introduces a new article in the state code, which allows these individuals to claim a tax credit against their personal income taxes for the accumulated interest on their student loans. Additionally, the bill includes a refundable child care credit equivalent to the federal deduction for dependent children of college graduates residing in the state.

The tax credit for student loans is designed to support young professionals as they navigate their financial responsibilities. It stipulates that graduates can claim the credit until they reach the age of 40 or until their student loans are fully repaid. Furthermore, to qualify for the tax credit, individuals must have been residents of West Virginia for at least three years. The bill aims to alleviate the financial burden of student loans and promote the retention of young professionals in the state.

Statutes affected:
Introduced Version: 11-13NN-1