This bill proposes the addition of a new section, 11-21-26a, to the Code of West Virginia, aimed at establishing a state tax deduction for parents whose children qualify for a "Trump Account," as defined in federal law under 26 USC 530A. The bill specifies that all individuals claiming a federal "Trump Account" are eligible for this tax deduction, provided their children meet the eligibility criteria for the account.

Furthermore, the bill outlines that any payments made by parents using the "Trump Account" on behalf of their children will qualify for a state tax deduction, similar to the existing provisions for college savings plans, specifically the "Smart 529" plans. This initiative is intended to provide financial relief to parents saving for their children's future through the "Trump Account."

Statutes affected:
Introduced Version: 11-21-26a