Bill > SB393

This bill updates West Virginia's corporate net income tax law by ensuring that terms not specifically defined within the state's tax code are interpreted consistently with their meaning for federal income tax purposes, a common practice to simplify tax administration and align state and federal tax obligations. Specifically, it adjusts the cutoff date for incorporating federal tax law changes into West Virginia's tax code from December 31, 2023, to December 31, 2024, meaning that federal tax law amendments made between January 1, 2024, and January 1, 2026, will be recognized for state tax purposes, while amendments made on or after January 1, 2026, will not. The bill also clarifies that amendments made in 2026 are retroactive to the extent permitted by federal law, preserving the tax laws in effect for years prior to January 1, 2026, unless otherwise specified. The "Internal Revenue Code of 1986" is defined to include its predecessor, the Internal Revenue Code of 1954, ensuring continuity in references.

Budget and Finance

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=393&year=2026&sessiontype=RS&btype=bill