Senate Bill No. 41
(By Senator Whitlow, By Request)
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[Introduced February 10, 1993;
referred to the Committee on Finance.]
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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
twenty-one, relating to granting a credit against personal
income tax for any resident individual who purchases or
constructs a home, or who purchases a newly constructed home
for the purpose of living in such home; stating amount of
credit; and providing that double credit is not allowed for
purchase and resale.
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
twenty-one, to read as follows:
ARTICLE 21. PERSONAL INCOME TAX.
§11-21-21. Credit against tax for purchase or construction of
home; amount; double credit prohibited.
A credit shall be allowed against the tax imposed by section
three of this article for any resident individual who purchases
or constructs a home, or who purchases a newly constructed home,
for the purpose of living in such home. The credit shall be
equal to the smaller of the following amounts:
(1) Two thousand dollars; or
(2) One hundred percent of the individual's annual
compensation (earned income) that is includible in his or her
gross income.
An individual may not claim both a credit under this section
and a credit under law in effect as of the effective date of this
section for the purchase and resale of a home.
NOTE: This bill would grant a credit against personal
income tax for any resident individual who purchases or
constructs a home, or who purchases a newly constructed home for
residential purposes. The credit would be equal to that allowed
for a federal tax deduction for an individual who has contributed
to an individual retirement account.
Section 21 is new; therefore, strike-throughs and
underscoring have been omitted.