§18-30A-1. Short Title
This article shall be known, and may be cited as, the “West Virginia Jumpstart Savings Act”.
§18-30A-10. Opening a Jumpstart Savings Account; Deposits
(a) Beginning on July 1, 2022, a person may open a Jumpstart Savings Account. (b) To open a Jumpstart Savings Account, the account owner must: (1) Provide all information required by the Treasurer;
§18-30A-11. Distributions; Qualified Expenses
(a) A distribution from a Jumpstart Savings Account that was used to pay for qualified expenses, as defined in subsection (c) of this section, shall establish entitlement of the distributee to the personal income tax decreasing modification authorized by 11-21-12m(b) of this code, and such decreasing modification may be applied to determine West Virginia adjusted […]
§18-30A-12. State Tax Benefits Related to a Jumpstart Savings Account
(a) As provided in 11-21-12m, 11-21-25, and 11-24-10a of this code, contributions, distributions, and employer matching contributions are eligible for specified decreasing modifications in determining taxable income, or specified tax credits against tax imposed by 11-21-1 et seq. and 11-24-1 et seq. of this code. (b) Nothing in this article nor in 11-21-12m, 11-21-25, or […]
§18-30A-13. Reports and Account; Annual Audit
(a) In addition to any other requirements of this article, the board shall: (1) Prepare and provide an annual summary of information on the financial condition of the Jumpstart Savings Trust Fund and Expense Fund and statements on the savings program accounts to the respective account owners; and
§18-30A-14. Records; Confidentiality
(a) Notwithstanding any other provision of this code, the board and an apprenticeship provider, training or educational institution, or employer, are authorized to exchange information regarding participants in the program to carry out the purposes of this article: Provided, That the tax information confidentiality provisions of 11-10-5d of this code shall apply to tax returns […]
§18-30A-15. Limitation on Liability
Nothing in this article creates any obligation of the board, the Treasurer, the state, or any agency or instrumentality of the state to guarantee for the benefit of any account holder or designated beneficiary with respect to the: (1) Return of principal;
§18-30A-16. Legislative Rules Required
Prior to the commencement of the program, the board shall promulgate legislative, procedural, or emergency rules, or any combination thereof, in accordance with the provisions of 29A-3-1 et seq. of this code, that include at a minimum, the following: (1) Requirements for any contract to be entered between the board and an account holder upon […]
§18-30A-2. Findings
(a) The Legislature recognizes the importance of cultivating an environment in West Virginia where our tradespersons and entrepreneurs can be successful in their careers and remain in their home state. The Legislature finds that a savings and investment program to assist our citizens who wish to embark on a new trade or establish a new […]
§18-30A-3. Definitions
For the purposes of this article, the following terms shall have the following meanings: (1) “Account owner” means the person who opens and invests money into a Jumpstart Savings Account, as provided in this article.
§18-30A-4. West Virginia Jumpstart Savings Program Established
The West Virginia Jumpstart Savings Program is hereby established, to be operable on or before July 1, 2022. The board shall implement and administer the program under the terms and conditions required by this article.
§18-30A-5. The Board of Trustees of the West Virginia College and Jumpstart Savings Programs
The West Virginia Jumpstart Savings Program shall be administered by the Board of Trustees of the West Virginia College and Jumpstart Savings Programs. The board is created in 18-30-4 of this code and is a public instrumentality of the State of West Virginia.
§18-30A-6. Powers of the Board to Implement and Administer the Jumpstart Savings Program
(a) The board shall implement and administer the Jumpstart Savings Program in accordance with this article and all applicable laws and regulations. (b) The board is authorized to take any lawful action necessary to effectuate the provisions of this article and successfully administer the program, subject to applicable state and federal law, including, but not […]
§18-30A-7. Powers and Duties of the Treasurer
(a) In order to implement and administer the program, the Treasurer shall: (1) Provide support staff and office space for the board;
§18-30A-8. West Virginia Jumpstart Savings Program Trust and Trust Fund Created; Administrative Account
(a) There is hereby established the Jumpstart Savings Program Trust, a public instrumentality of the State of West Virginia. The Jumpstart Savings Program Trust shall offer and issue interests in the trust to eligible members of the public. (b) There is hereby also established a Jumpstart Savings Program Trust Fund Account, titled the Jumpstart Savings […]
§18-30A-9. Use of Financial Organizations as Program Depositories and Managers
(a) The board may implement the program through use of financial organizations as account depositories and managers. The board may solicit proposals from financial organizations to act as depositories and managers of the program. Financial organizations submitting proposals shall describe the investment instruments which will be held in accounts. The board may select more than […]