Introduced Version
House Bill 2265 History
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Key: Green = existing Code. Red = new code to be enacted
H. B. 2265
(By Mr. Speaker, Mr. Kiss, and Delegate Trump)
[By Request of the Executive]
[Introduced January 15, 1999; referred to the
Committee on Finance.]
A BILL to amend and reenact section three, article twenty-four,
chapter eleven of the code of West Virginia, one thousand
nine hundred thirty-one, as amended, relating to updating
the meaning of certain terms used in the West Virginia
corporation net income tax act by bringing them into
conformity with their meanings for federal income tax
purposes; and specifying effective dates.
Be it enacted by the Legislature of West Virginia:
That section three, article twenty-four, chapter eleven of
the code of West Virginia, one thousand nine hundred thirty-one,
as amended, be amended and reenacted to read as follows:
ARTICLE 24. CORPORATION NET INCOME TAX.
§11-24-3. Meaning of terms; general rule.
(a) Any term used in this article shall have the same
meaning as when used in a comparable context in the laws of the United States relating to federal income taxes, unless a
different meaning is clearly required by the context or by
definition in this article. Any reference in this article to the
laws of the United States shall mean the provisions of the
Internal Revenue Code of 1986, as amended, and such other
provisions of the laws of the United States as relate to the
determination of income for federal income tax purposes. All
amendments made to the laws of the United States after the
thirty-first day of December, one thousand nine hundred
ninety-six ninety-seven, but prior to the first day of January,
one thousand nine hundred ninety-eight ninety-nine, shall be
given effect in determining the taxes imposed by this article to
the same extent those changes are allowed for federal income tax
purposes, whether such changes are retroactive or prospective,
but no amendment to the laws of the United States made on or
after the first day of January, one thousand nine hundred
ninety-eight ninety-nine, shall be given any effect.
(b) The term "Internal Revenue Code of 1986" means the
Internal Revenue Code of the United States enacted by the
"Federal Tax Reform Act of 1986" and includes the provisions of
law formerly known as the Internal Revenue Code of 1954, as
amended, and in effect when the "Federal Tax Reform Act of 1986"
was enacted, that were not amended or repealed by the "Federal
Tax Reform Act of 1986." Except when inappropriate, any references in any law, executive order or other document:
(1) To the Internal Revenue Code of 1954 shall include
reference to the Internal Revenue Code of 1986; and
(2) To the Internal Revenue Code of 1986 shall include a
reference to the provisions of law formerly known as the Internal
Revenue Code of 1954.
(c) Effective date. -- The amendments to this section
enacted in the year one thousand nine hundred ninety-eight
ninety-nine shall be retroactive to the extent allowable under
federal income tax law. With respect to taxable years that begin
prior to the first day of January, one thousand nine hundred
ninety-seven ninety-eight, the law in effect for each of those
years shall be fully preserved as to such year, except as
provided in this section.
NOTE: The purpose of this bill is to update the section of
the Corporation Net Income Tax Act which brings terms not defined
in that act into conformity with the meaning of those terms for
federal income tax purposes.
Strike-throughs indicate language that would be stricken
from the present law, and underscoring indicates new language
that would be added.