ENROLLED
COMMITTEE SUBSTITUTE
FOR
H. B. 4318
(By Delegates Craig, Morgan, Leach, Amores,
Kominar, H. White and R. M. Thompson
)
[Passed March 12, 2004; in effect ninety days from passage.]
AN ACT to amend the code of West Virginia, 1931, as amended, by
adding thereto a new section, designated §11-21-12f, relating
to providing an increasing modification to federal adjusted
gross income for determining West Virginia taxable income for
personal income tax purposes in the amount of any deduction
previously taken for West Virginia personal income tax
purposes for amounts deposited into a prepaid tuition contract
or other college savings plan administered by the board of
trustees of the college prepaid tuition and savings program,
pursuant to article thirty, chapter eighteen of the West
Virginia code, and subsequently withdrawn from the prepaid
tuition contract or other college savings plan, and used for
purposes other than those qualified under section 529 of the
Internal Revenue Code; and providing effective date.
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 §11-21-12f, to read as follows:
ARTICLE 21. PERSONAL INCOME TAX.
§11-21-12f. Additional modification increasing federal adjusted
gross income.
In addition to amounts added to federal adjusted gross income
pursuant to subsection (b), section twelve of this article, unless
already included in federal adjusted gross income for the taxable
year, there shall be added to federal adjusted gross income any
amount previously deducted from federal adjusted gross income under
section twelve-a of this article for amounts deposited into a
prepaid tuition contract or other college savings plan administered
by the board of trustees of the college prepaid tuition and savings
program, pursuant to article thirty, chapter eighteen of this code
and subsequently withdrawn from the prepaid tuition contract or
other college savings plan, that was used for purposes other than
those qualified expenses authorized by I.R.C. § 529. The
provisions of this section are effective for taxable years
beginning after the thirty-first day of December, two thousand
three.