HB 4318 Text

COMMITTEE SUBSTITUTE
FOR
H. B. 4318
(By Delegates Craig, Morgan, Leach, Amores,
Kominar, H. White and R. M. Thompson )
(Originating in the Committee on Finance)
[March 1, 2004]

A BILL 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tuition and savings program, pursuant to article thirty, chapter eighteen of the West Virginia code, and subsequently withdrawn from the prepaid tuition contract or other college savings plan, and used for purposes other than those qualified under section 529 of the Internal Revenue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college prepaid tuition and savings program, pursuant to article thirty, chapter eighteen of this code and subsequently withdrawn from the prepaid tuition contract or other college savings plan, that was used for purposes other than those qualified expenses authorized by I.R.C. § 529.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.

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