H. B. 4318
(By Delegates Craig, Morgan, Leach, Amores,
Kominar, H. White and R. M. Thompson)
[Introduced February 5, 2004; 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 §11-21-12f, relating
to modification to federal adjusted gross income and
imposition of personal income tax on funds withdrawn from a
prepaid tuition contract or other college savings plan and
used for purposes other than those permitted by the contract
or plan.
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.
PART I. GENERAL.
§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amount withdrawn from a prepaid tuition contract or other college
savings plan administered by the board, pursuant to article thirty,
chapter eighteen of this code, that was not used for the purpose of
paying college tuition or for other expenses authorized for such
funds pursuant to the prepaid tuition contract or other college
savings plan.
NOTE: The purpose of this bill is to impose personal income
tax on funds withdrawn from a prepaid college tuition contract or
other college savings plan and used for other purposes.
This section is new; therefore, strike-throughs and
underscoring have been omitted.
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