This bill amends the West Virginia Personal Income Tax Act by updating the definition of federal adjusted gross income and other related terms. Specifically, it changes the effective dates for amendments to the laws of the United States that are considered in determining state taxes. The bill stipulates that amendments made to federal laws after December 31, 2023, and before January 1, 2025, will be applied in West Virginia tax calculations, while any amendments made on or after January 1, 2025, will not be considered.

Additionally, the bill clarifies the treatment of medical savings accounts and the definition of "surtax" related to these accounts. It also retroactively applies the amendments to the year 2025, ensuring that the laws in effect for taxable years prior to this date remain intact, except as specified in the bill. Furthermore, it defines "low income" for the purpose of a refundable credit for low-income senior citizens in relation to property tax paid on their homesteads. Overall, the bill aims to align state tax definitions and regulations with recent federal tax law changes.

Statutes affected:
Introduced Version: 11-21-9
Engrossed Version: 11-21-9