HB 4023
Relating to Updating Corporate Net Income Tax definitions
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- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill updates West Virginia’s corporate net income tax laws to align with definitions used in federal income tax regulations. Specifically, it ensures that terms used in the West Virginia tax code match their meaning in the Internal Revenue Code of 1986, as amended, and incorporates changes to the federal tax code made before January 1, 2025. The bill also clarifies references to older versions of the Internal Revenue Code.
Key provisions
- Aligns West Virginia tax terminology with federal income tax definitions.
- Incorporates changes to the Internal Revenue Code made before January 1, 2025, into West Virginia tax law.
- Specifies that references to the Internal Revenue Code of 1954 should be interpreted in relation to the Internal Revenue Code of 1986.
- Establishes a retroactive effective date for the amendments, subject to federal income tax law limitations.
- Defines the scope of the Internal Revenue Code to include both the 1954 and 1986 versions.
Who is affected
- Corporations operating in West Virginia
- The West Virginia Department of Revenue
- Tax professionals advising corporations
Notable changes
- Updates definitions of terms used in the West Virginia Corporate Net Income Tax to conform to federal standards.
- Allows for retroactive application of changes, subject to federal law.
- Clarifies the relationship between the Internal Revenue Code of 1954 and the Internal Revenue Code of 1986.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Hanshaw (Mr. Speaker)
Cosponsor
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