Bill > HB4023

This bill updates West Virginia's corporate net income tax law by changing the reference date for federal tax code amendments that affect state taxes. Specifically, it adjusts the cutoff date for incorporating federal tax law changes into West Virginia's corporate net income tax calculations from December 31, 2023, to December 31, 2024, and from January 1, 2025, to January 1, 2026. This means that for state tax purposes, West Virginia will now recognize federal tax law changes made up to the end of 2024, rather than the end of 2023, aligning the state's tax definitions more closely with current federal income tax laws, which is a common practice to simplify tax administration and ensure consistency. The bill also clarifies that amendments made on or after January 1, 2026, will not be considered for state tax purposes, and it specifies that the changes made in 2026 are retroactive to the extent permitted by federal law for taxable years beginning before January 1, 2026.

Budget and Finance

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=4023&year=2026&sessiontype=RS&btype=bill