Bill Text: WV SB205 | 2011 | Regular Session | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Updating certain terms in Corporation Net Income Tax Act
Spectrum: Bipartisan Bill
Status: (Passed) 2011-05-04 - Chapter 172, Acts, Regular Session, 2011 [SB205 Detail]
Download: West_Virginia-2011-SB205-Introduced.html
Senate Bill No. 205
(By Senators Kessler (Acting President) and Hall, By Request of
the Executive)
____________
[Introduced January 19, 2011; referred to the Committee on
Finance.]
____________
Be it enacted by the Legislature of West Virginia:
That §11-24-3 of the Code of West Virginia, 1931, as amended, be amended and reenacted to read as follows:
ARTICLE 24. CORPORATION NET INCOME TAX.
§11-24-3. Meaning of terms; general rule.
(a) Any term used in this article has the same meaning as when used in a comparable context in the laws of the United States relating to federal income taxes, unless a different meaning is clearly required by the context or by definition in this article. Any reference in this article to the laws of the United States means the provisions of the Internal Revenue Code of 1986, as amended, and any other provisions of the laws of the United States that relate to the determination of income for federal income tax purposes. All amendments made to the laws of the United States after December 31,2008 2009, but prior to January 1, 2010 2011,
shall be given effect in determining the taxes imposed by this
article to the same extent those changes are allowed for federal
income tax purposes, whether the changes are retroactive or
prospective, but no amendment to the laws of the United States made
on or after January 1, 2010 2011, shall be given any effect.
(b) The term "Internal Revenue Code of 1986" means the Internal Revenue Code of the United States enacted by the federal Tax Reform Act of 1986 and includes the provisions of law formerly known as the Internal Revenue Code of 1954, as amended, and in effect when the federal Tax Reform Act of 1986 was enacted that were not amended or repealed by the federal Tax Reform Act of 1986. Except when inappropriate, any reference in any law, executive order or other document:
(1) To the Internal Revenue Code of 1954 includes a reference to the Internal Revenue Code of 1986; and
(2) To the Internal Revenue Code of 1986 includes a reference to the provisions of law formerly known as the Internal Revenue Code of 1954.
(c) Effective date. -- The amendments to this section enacted in the year2010 2011 are retroactive to the extent allowable under
federal income tax law. With respect to taxable years that began prior to January 1, 2011 2012, the law in effect for each of those
years shall be fully preserved as to that year, except as provided
in this section.
NOTE: The purpose of this bill is to update the meaning of "federal taxable income" and certain other terms used but not defined in the West Virginia Corporation Net Income Tax Act by bringing them into conformity with their meaning under the Internal Revenue Code for federal income tax purposes.
Strike-throughs indicate language that would be stricken from the present law, and underscoring indicates new language that would be added.
Bill Title: Updating certain terms in Corporation Net Income Tax Act
Spectrum: Bipartisan Bill
Status: (Passed) 2011-05-04 - Chapter 172, Acts, Regular Session, 2011 [SB205 Detail]
Download: West_Virginia-2011-SB205-Introduced.html
A BILL to amend and reenact §11-24-3 of the Code of West Virginia, 1931, as amended, relating to updating the meaning of "federal taxable income" and certain other terms used in the West Virginia Corporation Net Income Tax Act; and specifying effective dates.
Be it enacted by the Legislature of West Virginia:
That §11-24-3 of the Code of West Virginia, 1931, as amended, be amended and reenacted to read as follows:
ARTICLE 24. CORPORATION NET INCOME TAX.
§11-24-3. Meaning of terms; general rule.
(a) Any term used in this article has the same meaning as when used in a comparable context in the laws of the United States relating to federal income taxes, unless a different meaning is clearly required by the context or by definition in this article. Any reference in this article to the laws of the United States means the provisions of the Internal Revenue Code of 1986, as amended, and any other provisions of the laws of the United States that relate to the determination of income for federal income tax purposes. All amendments made to the laws of the United States after December 31,
(b) The term "Internal Revenue Code of 1986" means the Internal Revenue Code of the United States enacted by the federal Tax Reform Act of 1986 and includes the provisions of law formerly known as the Internal Revenue Code of 1954, as amended, and in effect when the federal Tax Reform Act of 1986 was enacted that were not amended or repealed by the federal Tax Reform Act of 1986. Except when inappropriate, any reference in any law, executive order or other document:
(1) To the Internal Revenue Code of 1954 includes a reference to the Internal Revenue Code of 1986; and
(2) To the Internal Revenue Code of 1986 includes a reference to the provisions of law formerly known as the Internal Revenue Code of 1954.
(c) Effective date. -- The amendments to this section enacted in the year
NOTE: The purpose of this bill is to update the meaning of "federal taxable income" and certain other terms used but not defined in the West Virginia Corporation Net Income Tax Act by bringing them into conformity with their meaning under the Internal Revenue Code for federal income tax purposes.
Strike-throughs indicate language that would be stricken from the present law, and underscoring indicates new language that would be added.
