This bill amends the Corporation Net Income Tax Act in West Virginia by aligning the definitions of terms used in the Act with their meanings under federal income tax law. Specifically, it updates the effective dates for amendments to the laws of the United States that impact the determination of income for federal tax purposes. The bill stipulates that amendments made to federal laws after December 31, 2023, and before January 1, 2025, will be considered in determining state taxes, while any changes made on or after January 1, 2025, will not be recognized.

Additionally, the bill clarifies that the term "Internal Revenue Code of 1986" encompasses provisions from the previous Internal Revenue Code of 1954 that were not amended or repealed by the 1986 Act. The amendments enacted in 2025 are 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 specified in the new provisions.

Statutes affected:
Introduced Version: 11-24-3