summary
Introduced
01/15/2024
01/15/2024
In Committee
01/15/2024
01/15/2024
Crossed Over
Passed
Dead
03/30/2024
03/30/2024
Introduced Session
2024 Regular Session
Bill Summary
The purpose of this bill is to establish the "Stay in State" tax credit that allows residents of this state who remain in state after graduating with an undergraduate or associate degree from a state institution to be granted a tax credit for the total cost of tuition and interest for student loans used to obtain their degree. The bill provides this tax credit is against personal income tax in West Virginia and is awarded over a 10-year period. The bill provides that employers are also allowed to claim the credit for employees that qualify for the credit. The bill provides that in-state high schools, colleges, and universities are required to inform and assist students with obtaining the tax credit.
AI Summary
This bill establishes the "Stay in State" tax credit, which allows residents of West Virginia who remain in the state after graduating with an undergraduate or associate degree from a state institution to claim a tax credit for the total cost of tuition and interest on student loans used to obtain their degree. The credit is awarded over a 10-year period and can also be claimed by employers for eligible employees. The bill requires in-state high schools, colleges, and universities to inform and assist students in obtaining the tax credit.
Committee Categories
Education
Sponsors (1)
Last Action
To House Education (on 01/15/2024)
Bill Topics
Education
- ‐ Higher Education
Macroeconomics
- ‐ Taxation, Tax Policy, and Tax Reform
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=4701&year=2024&sessiontype=RS&btype=bill | 01/15/2024 |
| Fiscal Note - Tax & Revenue Department, WV State | http://www.wvlegislature.gov/Fiscalnotes/FN(2)/fnsubmit_recordview1.cfm?RecordID=871566241 | 01/22/2024 |
| BillText | http://www.wvlegislature.gov/Bill_Status/bills_text.cfm?billdoc=hb4701%20intr.htm&yr=2024&sesstype=RS&i=4701 | 01/15/2024 |
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