Bill > HB5544

This bill establishes a new tax deduction for West Virginia residents who contribute to "Trump Accounts" for qualifying dependent children. A Trump Account is defined by federal law, specifically referencing 26 U.S. Code § 6434, which outlines a "Trump accounts contribution pilot program," and Section 530A of the Internal Revenue Code. To qualify for this deduction, the child must be born between January 1, 2025, and January 1, 2029, be a U.S. citizen, and have no prior election made for them under this section. The deduction is capped at $1,000 for individual taxpayers and $2,000 for those filing jointly, and these contributions cannot be deducted elsewhere. Furthermore, any earnings within a Trump Account are exempt from West Virginia personal income tax until they are distributed, and the Tax Commissioner is authorized to create rules to implement this new deduction.

Budget and Finance

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=5544&year=2026&sessiontype=RS&btype=bill