This bill proposes the addition of a new section, 11-21-12o, to the Code of West Virginia, 1931, which establishes a deduction for contributions made to "Trump Accounts" for qualifying dependent children. Under this legislation, resident taxpayers can deduct contributions made during the taxable year to these accounts, which are defined in accordance with federal law. The bill specifies that an eligible child must be born between January 1, 2025, and December 31, 2028, be a U.S. citizen, and not have had any prior elections made under this section.

The maximum deduction allowed is set at $1,000 for individual taxpayers and $2,000 for married couples filing jointly. Additionally, contributions to Trump Accounts cannot be deducted under any other provisions of the personal income tax chapter, and any earnings within these accounts are exempt from state income tax until they are distributed. The Tax Commissioner is also granted the authority to create rules for the administration of this new section.

Statutes affected:
Introduced Version: 11-21-12o