Senate Bill No. 694
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[Originating in the Committee on Education;
reported March 2, 1999.]
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A BILL to amend and reenact section twelve-a, article twenty-one,
chapter eleven of the code of West Virginia, one thousand nine
hundred thirty-one, as amended; and to amend article thirty,
chapter eighteen of said code by adding thereto a new section,
designated section twelve, all relating to prepaid tuition
trust; clarifying the income tax modification availability;
authorizing carryover of a modification; tuition rates; and
considering benefits in determining the eligibility or
qualification for state grants, scholarships and loans.
Be it enacted by the Legislature of West Virginia:
That section twelve-a, article twenty-one, chapter eleven of
the code of West Virginia, one thousand nine hundred thirty-one, as
amended, be amended and reenacted; and that article thirty, chapter
eighteen of said code be amended by adding thereto a new section,
designated section twelve, all to read as follows:
CHAPTER 11. TAXATION
ARTICLE 21. PERSONAL INCOME TAX
§11-21-12a. Additional modification reducing federal adjusted gross income.
In addition to amounts authorized to be subtracted from
federal adjusted gross income pursuant to subsection (c), section
twelve of this article, any payment made under a prepaid tuition
contract as provided under section seven, article thirty, chapter
eighteen of this code, is also an authorized modification reducing
federal adjusted gross income, but 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.
This modification is available regardless of the
type of return form filed. The taxpayer also may elect to carry
forward the modification over a period not to exceed five taxable
years, beginning in the taxable year in which the payment was made.
CHAPTER 18. EDUCATION.
ARTICLE 30. WEST VIRGINIA PREPAID TUITION TRUST ACT.
§18-30-12. Tuition rates; grant and loans.
For beneficiaries attending state funded institutions of
higher learning, the tuition and fees charged are at the resident rate when benefits of a prepaid tuition contract issued under this
article are used, and the amount of West Virginia prepaid contract
benefits available is not considered in determining his or her
eligibility to qualify for or receive state funded grants,
scholarships and loans.
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