Bill Text: WV SB363 | 2017 | Regular Session | Introduced
Bill Title: Updating meaning of federal taxable income
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2017-02-21 - To Finance [SB363 Detail]
Download: West_Virginia-2017-SB363-Introduced.html
WEST virginia legislature
2017 regular session
Introduced
Senate Bill 363
By Senators Carmichael (Mr. President) and Prezioso
(By Request of the Executive)
[Introduced February 21,
2017; Referred
to the Committee on Finance]
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, 2014 2015, but prior to January 1, 2016
2017, 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, 2016 2017,
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Code of 1954, as amended, and in effect when the federal Tax Reform Act of 1986 was enacted that were not amended or repealed by the federal Tax Reform Act of 1986.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 year 2016 2017
are retroactive to the extent allowable under federal income tax law. With
respect to taxable years that began prior to January 1, 2017, 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 in the West Virginia Corporation Net Income Tax Act by bringing them into conformity with their meaning for Internal Revenue Code’s definitions; and specifying effective dates.
Strike-throughs indicate language that would be stricken from a heading or the present law and underscoring indicates new language that would be added.