Bill > SB455

This bill updates the West Virginia Personal Income Tax Act by modifying key dates and provisions related to federal income tax references. Specifically, the bill changes the reference year for federal income tax law amendments from 2022-2024 to 2023-2025, ensuring that any federal tax law changes made during this period will be incorporated into West Virginia's state tax calculations. The bill preserves the existing principle that terms used in the state tax code should have the same meaning as comparable federal tax law terms, while clarifying provisions related to medical savings accounts, surtaxes, and exemptions. For instance, it maintains a provision that allows low-income senior citizens a refundable credit for property taxes and specifies how personal exemptions should be calculated for tax years after 2018, even though the federal tax law eliminated personal exemptions. The amendments are designed to be retroactive to the extent allowable under federal income tax law, ensuring continuity and alignment with federal tax regulations while providing clarity for taxpayers and tax authorities in West Virginia.

Budget and Finance

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=455&year=2025&sessiontype=RS&btype=bill