Qualified Expenses

Attention: Senate Bill 478 recently made numerous changes to the Jumpstart Savings Act and the West Virginia tax benefits available through the Jumpstart Savings Program. The information contained on this website has not yet been updated to reflect these changes to the law and is no longer accurate. We are working as quickly as we can to update the information on this website. Please refer to Senate Bill 478 and this recent letter sent to Jumpstart Savings Program participants to view these changes to the law. You can inquire about Program changes by calling the West Virginia State Treasurer’s Office at (304)341-0751.

Jumpstart Savings Account distributions must be used for the Designated Beneficiary’s qualified expenses in a qualifying occupation, profession, or trade, to qualify for state tax benefits. Qualified expenses may include the expenses described below.

Tools, Supplies, and Equipment

The purchase of tools, equipment, or supplies used exclusively in the Designated Beneficiary’s qualifying occupation, profession, or trade are qualified expenses. Need a pair of channel locks or a table saw? What about boots or other personal protective equipment? How about an air compressor or concrete mixer? These are just a few examples of how a Jumpstart Savings Account may be able to work for you.

Licensing and Certification Fees

Licenses and certifications are a requirement for several trades and vocations and there may be fees associated with them. Does your job site require OSHA 30? Do you need your Class A CDL? You may be able to use your Jumpstart Savings Account to help cover the costs for industry-required licenses and certifications needed in the Designated Beneficiary’s qualifying occupation, profession, or trade and claim state tax benefits.

Business Start-Up Costs

Starting a business is an exciting but expensive journey. Your Jumpstart Savings Account may be able to offset some initial costs for a business in which the Designated Beneficiary practices a qualifying occupation, profession, or trade. Need office space or inventory? In the market for a service truck? How about marketing materials? A Jumpstart Savings Account may be able to help the Account’s Designated Beneficiary purchase the things needed to launch a new business.