H. B. 2744
(By Delegates Walters, Raines and Frich)
[Introduced February 27, 2013; referred to the
Committee on Education then Finance.]
A BILL to amend and reenact §18-30-2 and §18-30-9 of the Code of
West Virginia, 1931, as amended, all relating to the West
Virginia College Prepaid Tuition and Savings Program Act; and
allowing a tax deduction for all prepaid tuition contracts or
college savings plans regardless of whether they are
administered by the board of the college prepaid tuition and
Be it enacted by the Legislature of West Virginia:
That §18-30-2 and §18-30-9 of the Code of West Virginia, 1931,
as amended, be amended and reenacted, all to read as follows:
ARTICLE 30. WEST VIRGINIA COLLEGE PREPAID TUITION AND SAVINGS
§18-30-2. Legislative findings and purpose.
The Legislature hereby finds and determines that enhancing the accessibility and affordability of higher education for all
citizens of West Virginia will promote a well-educated and
financially secure population to the ultimate benefit of all
citizens of West Virginia, and that assisting individuals and
families in planning for future educational expenses by making the
tax incentives in 26 U.S.C. §529 available to West Virginians are
proper governmental functions and purposes of the state.
The Legislature also finds that continuation of the prepaid
tuition plan and creation of a savings plan will further those
governmental functions and purposes. It is, therefore, the
legislative intent of this article to continue the prepaid tuition
plan and to enhance the plan by authorizing the creation of a
savings plan so that more students may attend eligible higher
The Legislature further finds that all states have authorized
college savings plans with tax incentives authorized by 26 U.S.C.
§529 and that there are a broad selection of investment options
available among the various plans. It is therefore the legislative
intent to continue to encourage and enhance the accessibility and
affordability of higher education for all citizens of West
§18-30-9. Income tax deduction for purchasers.
As provided in section twelve-a, article twenty-one, chapter
eleven of this code, any payment made under a prepaid tuition contract or other college savings plan
administered by the board,
authorized by 29 U.S.C. §529, whether or not such plan is
administered by the board, pursuant to the provisions of this
article, is eligible for a tax deduction.
NOTE: The purpose of this bill is to allow a tax deduction for
all prepaid tuition contracts or college savings plans regardless
of whether they are administered by the board of the college
prepaid tuition and savings program.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would