Senate Bill No. 410
(By Senator Harrison)
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[Introduced March 1, 2005; referred to the Committee
on Finance.]
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A BILL to amend and reenact §11-21-15 of the Code of West Virginia,
1931, as amended, relating to creating the "West Virginians
Give Act" which authorizes West Virginia resident taxpayers to
make deductions for charitable gifts on their personal income
tax returns.
Be it enacted by the Legislature of West Virginia:
That §11-21-15 of the Code of West Virginia, 1931, as amended,
be amended and reenacted to read as follows:
ARTICLE 21. PERSONAL INCOME TAX.
PART I. GENERAL.
§11-21-15. West Virginia itemized deduction of a resident
individual.
(a)
General. -- If federal taxable income of a resident
individual is determined by itemizing deductions from his
or her
federal adjusted gross income, he
or she
may elect to deduct his or
her
West Virginia itemized deduction in lieu of his or her
West Virginia standard deduction. The West Virginia itemized deduction
of a resident individual means the total amount of his or her
deductions from federal adjusted gross income, other than federal
deductions for personal exemptions, as provided in the laws of the
United States for the taxable year with the modifications specified
in this section.
(b) Husband and wife. -- (1) A husband and wife, both of whom
are required to file returns under this article, shall be allowed
West Virginia itemized deductions only if both elect to take West
Virginia itemized deductions.
(2) The total of the West Virginia itemized deductions of a
husband and wife whose federal taxable income is determined on a
joint return, but whose West Virginia taxable incomes are
determined separately, may be taken by either or divided between
them in such proportions as they may elect.
(c) Modifications reducing federal itemized deductions. -- The
total amount of deductions from federal adjusted gross income shall
be reduced by the amount of such federal deductions for:
(1) Income taxes imposed by this State or any other taxing
jurisdiction; and
(2) Interest on indebtedness incurred or continued to purchase
or carry obligations or securities the income from which is exempt
from tax under this article.
(d) Partners.
-- The amounts of modifications under subsection (c) required to be made by a partner with respect to items of
deduction of a partnership shall be determined under section
seventeen.
(e) Expiration. -- The West Virginia itemized deduction
provided in this section shall not apply to taxable years beginning
after the thirty-first day of December, one thousand nine hundred
eighty-six.
(f) Charitable gift deduction. -- For taxable years beginning
after the
thirty-first day of December, two thousand five, West
Virginia residents may take as deductions from their taxable income
deductions permitted
as deductions from their federal adjusted
gross income for charitable contributions not to exceed four
thousand dollars.
This amendment to this section shall be known as the "West
Virginians Give Act."
NOTE: The purpose of this bill is to
create the "West
Virginians Give Act" authorizing West Virginia resident taxpayers
to make deductions for charitable gifts on their personal income
tax returns subject to a maximum deductible of $4000.00.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.
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