The Young Professional Tax Credits

HB 2928 creates two tax credits for West Virginia residents aged 18-40: a credit equal to accumulated student loan interest (or $1,000 annually for graduates without loans) and a refundable child care credit matching federal dependent care deductions. It applies to tax years starting January 1, 2025, and requires taxpayers to have lived in West Virginia for at least three years. The bill directly affects young professionals with student debt or child care costs, offering cash payments for qualifying expenses. It does not change existing tax rates but provides new refundable credits to reduce state income tax liability.