H. B. 2045
(By Delegate Carper)
[Introduced February 10, 1993; referred to the
Committee on Finance.]
A BILL to amend article twenty-one, chapter eleven of the code
of West Virginia, one thousand nine hundred thirty-one, as
amended, by adding thereto a new section, designated section
fifteen-a, relating to personal income tax and allowing a
deduction from certain taxpayer's personal income tax
liability for interest paid on home purchase loans.
Be it enacted by the Legislature of West Virginia:
That article twenty-one, chapter eleven of the code of West
Virginia, one thousand nine hundred thirty-one, as amended, be
amended by adding thereto a new section, designated section
fifteen-a, to read as follows:
ARTICLE 21. PERSONAL INCOME TAX.
§11-21-15a. West Virginia itemized deduction for interest paid
on home purchase loans.
A deduction from state gross income shall be allowed
taxpayers, who itemize deductions on their federal income tax
forms, for amounts paid in interest on loans for the purchase ofthe principal residence of the taxpayer.
The tax commissioner shall promulgate rules to implement the
provisions of this section and shall provide a separate line item
on income tax forms for taxpayer use in claiming this deduction.
NOTE: The purpose of this bill is to allow a deduction from
the West Virginia personal income tax for interest paid on home
purchase loans for taxpayers who itemize deductions on federal
income tax returns.
This section is new; therefore, strike-throughs and
underscoring have been omitted.