SB 393
Updating corporate net income tax definitions
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Sign in to take action- Introduced
- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill updates West Virginia’s corporate net income tax definitions to align them more closely with the definitions used in federal income tax law. Specifically, it clarifies how terms used in the West Virginia tax code should be interpreted, referencing the Internal Revenue Code of 1986 and subsequent amendments. The bill also addresses how changes to federal tax law after 2023 but before 2025 will be applied to West Virginia’s tax regulations, and preserves prior tax law for prior tax years.
Key provisions
- Aligns West Virginia tax terminology with federal income tax definitions.
- References the Internal Revenue Code of 1986 as the primary source for tax definitions.
- Specifies how changes to federal tax law after 2023 will be applied to West Virginia.
- Preserves the tax law in effect for prior tax years, except for the changes made in the bill.
- Addresses references to the Internal Revenue Code of 1954.
Who is affected
- Corporations operating in West Virginia
- The West Virginia Department of Revenue
- Tax professionals advising corporations
Notable changes
- Updates references to the Internal Revenue Code to reflect changes made after 2023.
- Establishes a process for applying federal tax law changes to West Virginia tax regulations.
- Clarifies the treatment of older tax codes (1954) in relation to current federal law.
Sponsors
Official sponsors from legislative records.
Primary sponsor
Smith (Mr. President)
Cosponsor
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