This bill aims to amend and reenact section 11-24-3 of the Code of West Virginia, 1931, to align terms not defined in the Corporation Net Income Tax Act with their meanings under federal income tax law. The bill specifies that any term used in this article will have the same meaning as in the federal laws, particularly referencing the Internal Revenue Code of 1986. It also establishes that amendments to federal laws made after December 31, 2023, and before January 1, 2025, will be considered for state tax purposes, while any changes made on or after January 1, 2025, will not be recognized.

Additionally, the bill includes a provision that the amendments enacted in 2025 will be retroactive to the extent permitted by federal law, ensuring that the tax laws applicable to taxable years prior to January 1, 2025, remain intact. The changes made in this bill are intended to clarify the relationship between state and federal tax definitions and ensure consistency in tax law application.

Statutes affected:
Introduced Version: 11-24-3