The bill amends and reenacts section 11-24-3 of the Code of West Virginia, 1931, to align the definitions of terms used in the Corporation Net Income Tax Act with their meanings under federal income tax law. Specifically, it establishes that any term in this article will have the same meaning as in the federal laws unless a different meaning is explicitly required. The bill also clarifies that references to U.S. laws pertain to the Internal Revenue Code of 1986 and any amendments made to federal laws between December 31, 2023, and January 1, 2025, will be considered for tax determinations. However, any amendments made after January 1, 2025, will not be applied.

Additionally, the bill specifies that the amendments made in 2025 will be retroactive to the extent permitted by federal law, ensuring that the tax laws in effect for taxable years prior to January 1, 2025, remain intact, except as modified by this section. This legislative change aims to provide clarity and consistency in the application of tax laws in West Virginia, ensuring they are in harmony with federal tax regulations.

Statutes affected:
Introduced Version: 11-24-3
Engrossed Version: 11-24-3
Enrolled Version: 11-24-3