SB 400
Updating personal income tax definitions and provision of law relating to gaming and gambling losses
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- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill updates the definitions of certain terms used in West Virginia’s Personal Income Tax Act to align with changes in federal income tax law. Specifically, it clarifies the meaning of ‘federal adjusted gross income’ and addresses the treatment of medical savings accounts, including employer contributions and surtaxes. The bill also modifies the definition of ‘laws of the United States’ for certain tax credits related to property taxes paid by low-income senior citizens.
Key provisions
- Updates the definition of ‘federal adjusted gross income’ to match federal tax law.
- Clarifies that medical savings accounts are not considered ‘taxable trusts’ for tax purposes.
- Specifies that employer contributions to medical savings accounts are not considered wages.
- Defines the ‘surtax’ related to withdrawals from medical savings accounts.
- Modifies the definition of ‘laws of the United States’ for a specific property tax credit.
- Retroactively applies certain amendments to the law to the extent allowable under federal income tax law.
- Preserves the law in effect for prior taxable years, except for the changes enacted in 2025 2026.
Who is affected
- Taxpayers in West Virginia
- Individuals with medical savings accounts
- Employers contributing to medical savings accounts
- The West Virginia Tax Commissioner
- Low-income senior citizens
Notable changes
Sponsors
Official sponsors from legislative records.
Primary sponsor
Smith (Mr. President)
Cosponsor
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