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Introduced Version House Bill 2122 History

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Key: Green = existing Code. Red = new code to be enacted

WEST virginia Legislature

2017 regular session

Introduced

House Bill 2122

By Delegates Byrd and Fleischauer

[Introduced February 8, 2017; Referred
to the Committee on Finance.
]

A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §11-21-23a, relating to providing a tax credit for first time home buyers; establishing eligibility criteria; and setting a maximum credit.

Be it enacted by the Legislature of West Virginia:


That the Code of West Virginia, 1931, as amended, be amended by adding thereto a new section, designated §11-21-23a, to read as follows:

ARTICLE 21.  PERSONAL INCOME TAX.

§11-21-23a.  Credit for first time home buyers; criteria.


(a) For the tax years beginning on or after January 1, 2018, a first time home buyer of a principal residence is allowed a refundable credit against the taxes imposed by this article equal to the amount of ten percent of the purchase price of a principal residence, up to a maximum credit of $5,000 and subject to the conditions set forth in this section.

(b) The credit permitted by this section applies to a principal residence purchased by a taxpayer on or after April 9, 2018, and before May 1, 2022.  However, the credit is also available if the taxpayer enters into a written binding contract before May 1, 2022, and closes on the purchase before July 1, 2022.

(c) A first time home buyer is, for the purposes of this section, an individual who has not had an ownership interest in a principal residence for the five years preceding the purchase of a residence for which he or she seeks this credit.

(d) Married taxpayers who are first time home buyers who file separate returns are eligible for a maximum tax credit of $2,500.

(e) If two or more individuals who are not married purchase a principal residence, the amount of the credit allowed under subsection (a) of this section shall be allocated among those individuals on a pro rata basis, not to exceed the $5,000 limit.

(f) No credit is allowed under subsection (a) of this section for a residence whose purchase price exceeds $800,000.

 

 

NOTE: The purpose of this bill is to provide a tax credit for first time home buyers. The bill establishes eligibility criteria and sets a maximum credit of $5,000.

Strike-throughs indicate language that would be stricken from a heading or the present law and underscoring indicates new language that would be added.

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