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. It specifies that any term in this article will have the same meaning as in the federal laws unless a different meaning is required by context or definition within the article itself. The bill also clarifies that references to the laws of the United States pertain to the Internal Revenue Code of 1986 and any relevant amendments made before January 1, 2025, while excluding any amendments made after that date from consideration.

Additionally, the bill establishes that the amendments made in 2025 will be retroactive to the extent permitted by federal income tax law, ensuring that the tax laws in effect for taxable years prior to January 1, 2025, remain intact, except as specified in the new provisions. This legislative change aims to create consistency between state and federal tax definitions, thereby simplifying compliance for corporations operating in West Virginia.

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