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Introduced Version Senate Bill 10 History

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

Senate Bill No. 10

(By Senator Bailey)

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[Introduced January 9, 2008; referred to the Committee on Finance.]

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A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §11-21-12i, relating to providing a tax deduction on interest paid on student loans and automobile loans.

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 §11-21-12i, to read as follows:
ARTICLE 21. PERSONAL INCOME TAX.
PART I. GENERAL.

§11-21-12i. Deduction for interest paid on student loans and automobile loans.

(a) In addition to amounts authorized to be subtracted from federal adjusted gross income pursuant to subsection ©, section twelve of this article, and to the extent the amount is not allowable as a deduction when arriving at the taxpayer's federal adjusted gross income for the taxable year in which the payment is made,
any interest paid during the taxable year is an authorized modification reducing federal adjusted gross income if the interest was paid on a:
(1) Student loan undertaken to attend an institution of higher education or a vocational or technical school; and
(2) Loan undertaken to purchase an automobile for personal use and not for business use.




NOTE: The purpose of this bill is to provide a tax deduction on interest paid on student loans and automobile loans.

This section is new; therefore, strike-throughs and underscoring have been omitted.
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