Bill Text: WV HB4174 | 2014 | Regular Session | Introduced
Bill Title: Updating the meaning of federal adjusted gross income and certain other terms used in the West Virginia Corporation Net Income Tax Act
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2014-01-14 - To House Finance [HB4174 Detail]
Download: West_Virginia-2014-HB4174-Introduced.html
1 H. B. 4174
2
3 (By Mr. Speaker, (Mr. Miley) and Delegate Armstead)
4 [By Request of the Executive]
5 [Introduced January 14, 2014; referred to the
6 Committee on Finance.]
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10 A BILL to amend and reenact §11-24-3 of the Code of West Virginia,
11 1931, as amended, relating to updating the meaning of federal
12 adjusted gross income and certain other terms used in the West
13 Virginia Corporation Net Income Tax Act; and specifying
14 effective dates.
15 Be it enacted by the Legislature of West Virginia:
16 That §11-24-3 of the Code of West Virginia, 1931, as amended,
17 be amended and reenacted to read as follows:
18 ARTICLE 24. CORPORATION NET INCOME TAX.
19 §11-24-3. Meaning of terms; general rule.
20 (a) Any term used in this article has the same meaning as when
21 used in a comparable context in the laws of the United States
22 relating to federal income taxes, unless a different meaning is
23 clearly required by the context or by definition in this article.
24 Any reference in this article to the laws of the United States
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1 means the provisions of the Internal Revenue Code of 1986, as
2 amended, and any other provisions of the laws of the United States
3 that relate to the determination of income for federal income tax
4 purposes. All amendments made to the laws of the United States
5 after January 1, 2012 December 31, 2012, but prior to January 3,
6 2013, January 1, 2014, shall be given effect in determining the
7 taxes imposed by this article to the same extent those changes are
8 allowed for federal income tax purposes, whether the changes are
9 retroactive or prospective, but no amendment to the laws of the
10 United States made on or after January 3, 2013, January 1, 2014,
11 shall be given any effect.
12 (b) The term "Internal Revenue Code of 1986" means the
13 Internal Revenue Code of the United States enacted by the federal
14 Tax Reform Act of 1986 and includes the provisions of law formerly
15 known as the Internal Revenue Code of 1954, as amended, and in
16 effect when the federal Tax Reform Act of 1986 was enacted that
17 were not amended or repealed by the federal Tax Reform Act of 1986.
18 Except when inappropriate, any reference in any law, executive
19 order or other document:
20 (1) To the Internal Revenue Code of 1954 includes a reference
21 to the Internal Revenue Code of 1986; and
22 (2) To the Internal Revenue Code of 1986 includes a reference
23 to the provisions of law formerly known as the Internal Revenue
24 Code of 1954.
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1 (c) Effective date. -- The amendments to this section enacted
2 in the year 2013 2014 are retroactive to the extent allowable under
3 federal income tax law. With respect to taxable years that began
4 prior to January 1, 2014 2015, the law in effect for each of those
5 years shall be fully preserved as to that year, except as provided
6 in this section.
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10 NOTE: The purpose of this bill is to update the meaning of
11 "federal taxable income" and certain other terms in the West
12 Virginia Corporation Net Income Tax Act by bringing them into
13 conformity with their meaning for Internal Revenue Code's
14 definitions.
15
16 Strike-throughs indicate language that would be stricken from
17 the present law, and underscoring indicates new language that would
18 be added.
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