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Introduced Version House Bill 2903 History

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Key: Green = existing Code. Red = new code to be enacted

FISCAL NOTEWest Virginia Legislature

2016 Regular Session

Introduced

House Bill 2903

2015 Carryover

(By Delegates Byrd, Skinner, Fleischauer, Manchin, Miley, Sobonya, Summers, Weld, B. White, Rowe and Guthrie)

 

[Introduced January 13, 2016; referred to the

Committee on Finance.]

 

 


A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §11‑21‑23a, relating to providing a tax credit for first time home buyers; establishing eligibility criteria; and setting a maximum credit.


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 §11‑21‑23a, to read as follows:


ARTICLE 21.  PERSONAL INCOME TAX.

§11‑21‑23a.  Credit for first time home buyers; criteria.

(a) For the tax years beginning on or after January 1, 2016, a first time home buyer of a principal residence is allowed a refundable credit against the taxes imposed by this article equal to the amount of ten percent of the purchase price of a principal residence, up to a maximum credit of $5,000 and subject to the conditions set forth in this section.

(b)  The credit permitted by this section applies to a principal residence purchased by a taxpayer on or after April 9, 2016, and before May 1, 2020.  However, the credit is also available if the taxpayer enters into a written binding contract before May 1, 2020, and closes on the purchase before July 1, 2020.

(c) A first time home buyer is, for the purposes of this section, an individual who has not had an ownership interest in a principal residence for the five years preceding the purchase of a residence for which he or she seeks this credit.

(d) Married taxpayers who are first time home buyers who file separate returns are eligible for a maximum tax credit of $2,500.

(e) If two or more individuals who are not married purchase a principal residence, the amount of the credit allowed under subsection (a) of this section shall be allocated among those individuals on a pro rata basis, not to exceed the $5,000 limit.

(f) No credit is allowed under subsection (a) of this section for a residence whose purchase price exceeds $800,000.

 

 

NOTE: The purpose of this bill is to provide a tax credit for first time home buyers.  The bill establishes eligibility criteria and sets a maximum credit of $5,000.

 

This section is new; therefore, it has been completely underscored.

 

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