West Virginia HB5169 proposes a state tax deduction for parents with newborns eligible for a federal "Trump Account.
West Virginia HB5169 introduces a state tax deduction for parents whose children qualify for a "Trump Account," as defined in federal code 26 USC 530A. This deduction mirrors the treatment of college savings plans, such as "Smart 529" plans. Parents can claim this deduction for payments made on behalf of their children using the "Trump Account." This bill aims to provide financial relief to new parents in the state.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
Analyze for Free
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.