West Virginia HB5544 allows tax deductions for contributions to Trump Accounts for eligible children.

West Virginia HB5544 amends the state's personal income tax code to allow deductions for contributions to Trump Accounts for eligible children. These accounts are exempt from state personal income tax until distributed. The deduction is limited to $1,000 for individual taxpayers and $2,000 for married couples filing jointly. The bill defines an eligible child as a qualifying child born between 2025 and 2028 who is a U.S. citizen and has not had a prior election made under this section. The Tax Commissioner can create rules to administer this deduction.

West Virginia HB5544 allows tax deductions for contributions to Trump Accounts for eligible children.

West Virginia HB5544 amends the state's personal income tax code to allow deductions for contributions to Trump Accounts for eligible children. These accounts are exempt from state personal income tax until distributed. The deduction is limited to $1,000 for individual taxpayers and $2,000 for married couples filing jointly. The bill defines an eligible child as a qualifying child born between 2025 and 2028 who is a U.S. citizen and has not had a prior election made under this section. The Tax Commissioner can create rules to administer this deduction.