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Introduced Version Senate Bill 410 History

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sb410 intr
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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