This bill amends and reenacts section 11-21-9 of the West Virginia Code, which pertains to the personal income tax. The primary focus of the bill is to update the definition of federal adjusted gross income and other related terms in accordance with changes in federal tax law. Notably, the bill changes the effective date for amendments to the laws of the United States from December 31, 2023, to December 31, 2024, and from January 1, 2025, to January 1, 2026. It also preserves existing provisions regarding gaming and gambling losses, ensuring that the state law remains consistent with federal tax regulations.

Additionally, the bill introduces a new provision that specifies how modifications related to gaming and gambling losses will be treated for taxable years beginning on or after January 1, 2026. This insertion clarifies that taxpayers will be allowed to claim modifications as if the federal tax law had not changed regarding these losses. The amendments are retroactive to the extent permitted by federal law, and the bill ensures that the law in effect for taxable years prior to January 1, 2026, remains intact, except as specified in the new provisions.

Statutes affected:
Introduced Version: 11-21-9
Committee Substitute: 11-21-9