HOUSE CONCURRENT RESOLUTION 24

By Delegates Howell, Hanshaw (Mr. Speaker), Foster, and Westfall

[Introduced March 5, 2021; Referred to the Education then Rules]

Urging Congress to extend federal tax incentives to participants in Jumpstart Savings programs that are similar to those that are currently provided to participants in College Savings plans, pursuant to 26 U.S.C. §529.

Whereas, The economy of the United States is experiencing increased demands for highly trained, skilled tradespeople to fill jobs in the construction, welding, and other vocational sectors; and

Whereas, In the United States, there are nearly half a million more jobs available in the skilled trades than workers with the skills to fill them; and

Whereas, The number of available jobs in the skilled trades is anticipated to rise to two million over the next decade; and

Whereas, A traditional college education is one path to success, but not the only path, especially in light of the increasing costs of a traditional four-year college degree and the growing demand for skilled labor; and

Whereas, Encouraging students and their families to invest in alternative forms of post-secondary skills could help reshape our nation’s future workforce; and

Whereas, Providing the next generation the ability to save money for the future costs of tools, equipment, and business expenses will make it easier to enter a vocation, trade, or start a small business in the skilled trades industry; and

Whereas, The West Virginia Legislature has adopted legislation authorizing the West Virginia Jumpstart Savings Program, which creates several tax incentives to help program participants save money, by allowing an income tax deduction for contributions to a Jumpstart Savings account, by providing businesses with a non-refundable state tax credit for matching an employee’s own contribution to his or her account each year; and

Whereas, The Jumpstart Savings Program will allow individuals to roll 529 College Savings plan funds over to a Jumpstart Savings account without facing state income tax penalties; and

Whereas, West Virginia’s Jumpstart Savings Program could be a model for other states to invest in the future entrepreneurship and small business trade industries in our nation, and Congress should extend federal tax benefits to such programs; therefore, be it

Resolved by the Legislature of West Virginia:

That Congress is urged to provide tax benefits to participants in Jumpstart Savings programs that are similar to those currently provided to participants in College Savings plans pursuant to 26 U.S.C. §529; and, be it

Further Resolved, That the Clerk of the House of Delegates is hereby directed to forward a copy of this resolution, along with a copy of the Jumpstart Savings Act, to the President and Secretary of the United States Senate, to the Speaker and Clerk of the United States House of Representatives, and to members of West Virginia’s congressional delegation.