This bill aims to amend and update Section 11-24-3 of the Code of West Virginia to ensure that terms not defined within the state law align with their meanings under federal income tax law. Specifically, it clarifies that any term used in this article will have the same meaning as in the federal laws related to income taxes, referencing the Internal Revenue Code of 1986 and its amendments. The bill also stipulates that amendments to federal laws made after December 31, 2024, and before January 1, 2026, will be considered in determining state taxes, while any changes made on or after January 1, 2026, will not be recognized.

Additionally, the bill specifies that the amendments enacted in 2026 will be retroactive to the extent permitted by federal law, preserving the law in effect for taxable years prior to January 1, 2026. The changes include the deletion of the year 2023 and the insertion of 2024 in one instance, as well as the deletion of 2025 and the insertion of 2026 in multiple places throughout the text. This update is intended to maintain consistency between state and federal tax regulations.

Statutes affected:
Introduced Version: 11-24-3