§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 […]
§18-31-1. Short Title
This article shall be known as the “Hope Scholarship Act.” The program created by this act shall be known as the “Hope Scholarship Program.”
§18-31-2. Definitions
The following words have the meanings ascribed to them unless the context clearly indicates a different meaning: (1) “Account” or “scholarship” means a Hope Scholarship account, awarded pursuant to this article, to which funds are allocated by the board to the parent or parents of an eligible Hope Scholarship student in order to pay qualifying […]
§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 […]
§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;