West Virginia Legislature
2016 Regular Session
House Bill 2713
(By Delegates Byrd, McCuskey, Stansbury, Guthrie, Pushkin, Rowe, Reynolds, Fleischauer, Lynch and Espinosa)
[Introduced January 13, 2016; referred to the
Committee on Education then Finance.]
A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §11-21-12j, relating to providing taxpayers repaying their own student loans a modification reducing federal adjusted gross in the amount of the interest paid, for personal income tax purposes.
Be it enacted by the Legislature of West Virginia:
That the Code of West Virginia, 1931, as amended, be amended by adding thereto a new section, designated §11-21-12j, to read as follows:
ARTICLE 21. PERSONAL INCOME TAX.
§11-21-12j. Additional modification reducing federal adjusted gross income for interest paid on student loans.
(a) For taxable years beginning after December 31, 2014, in addition to amounts authorized to be subtracted from federal adjusted gross income pursuant to other sections of this article, a modification reducing federal adjusted gross income is authorized for payments made representing interest the taxpayer has paid on the taxpayer's student loans during the taxable year. The modification allowed by this section is allowed only to the extent the amount is not allowable as a deduction when arriving at the taxpayer=s federal adjusted gross income for the taxable year in which the payment is made.
(b) The Tax Commissioner shall promulgate procedural rules providing a procedure for taxpayers to follow to establish that the amount of the modification claimed qualifies under this section.
NOTE: The purpose of this bill is to provide taxpayers repaying their own student loans a modification reducing federal adjusted gross income in the amount of the interest paid, for personal income tax purposes.
This section is new; therefore, it has been completely underscored.