Bill > SB400

This bill updates West Virginia's personal income tax laws by aligning the definition of federal adjusted gross income with federal tax law changes made between December 31, 2024, and January 1, 2026, ensuring that state taxes reflect these federal adjustments. It also preserves a specific state provision allowing taxpayers to deduct gaming and gambling losses, even if federal law changes how these losses are treated. The bill clarifies that references to federal tax law in this article mean the Internal Revenue Code of 1986, as amended, and other federal laws related to income determination, with specific provisions for how amendments made after December 31, 2024, but before January 1, 2026, will be applied. Additionally, it provides specific definitions for terms like "surtax" related to medical savings accounts and clarifies how certain federal tax concepts, like personal exemptions and the definition of "low income" for senior citizen property tax credits, are to be interpreted for state tax purposes, particularly for taxable years beginning on or after January 1, 2018, and January 1, 2026.

Budget and Finance

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=400&year=2026&sessiontype=RS&btype=bill