The proposed bill aims to establish "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 that allows these individuals to claim a tax credit against their personal income taxes for the accumulated interest on their student loans. Additionally, the bill provides a refundable child care credit equivalent to the federal deduction for dependent children of college graduates residing in the state.

To qualify for the student loan tax credit, taxpayers must be residents of West Virginia for at least three years. The bill stipulates that college graduates without student loan debt can receive an annual tax credit of up to $1,000 until they turn 40 or leave the state, whichever comes first. The tax credit can be claimed by graduates until their student loans are fully repaid, thereby encouraging young professionals to remain in the state and support their financial obligations.

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