Savings

Jumpstart Savings opens its doors to businesses | Education

State Treasurer Riley Moore’s Jumpstart Savings Program has begun enrolling participants online at WVJumpstart.com.

The savings program allows people who want to pursue a wide range of trades or skilled trades – ranging from welding to cosmetology – to save money and receive certain state tax benefits. Individuals can make up to $25,000 per year in contributions to a Jumpstart savings account which will qualify for a state income tax deduction.

Plus, up to $25,000 of Jumpstart Savings Account funds used per year toward eligible expenses for business start-up costs, equipment, tools, certifications, and licenses needed for their profession or skilled trade will also be eligible for a state income tax deduction. The Legislative Assembly also formally asked Congress to extend the tax benefits to federal taxes.

The program also offers an “Ignite incentive” to certain people who open accounts. The state provides a $100 start-up contribution when the designated beneficiary of an account is under 18 or when an account is opened within 180 days of the designated beneficiary’s enrollment in an apprenticeship or training program. qualifying education.

The Jumpstart Savings Program is overseen by the Board of Trustees of West Virginia College and Jumpstart Savings Programs. The council has partnered with United Bank to administer the program.

Those interested in enrolling in the Jumpstart Savings Program can visit WVJumpstart.com register. An account can be opened with as little as $25 contribution.