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Introduced Version Senate Bill 447 History

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Key: Green = existing Code. Red = new code to be enacted


Senate Bill No. 447

(By Senators Bowman, Kessler, Edgell and McKenzie)

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[Introduced March 8, 2001; referred to the Committee on Finance.]

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A BILL to amend article twenty-one, chapter eleven of the code of West Virginia, one thousand nine hundred thirty-one, as amended, by adding thereto a new section, designated section twelve-d, relating to providing a personal income tax adjustment to the gross income of certain retirees receiving pensions from manufacturing and industrial pension plans that terminated before retirement and are being paid at a reduced maximum benefit guarantee.

Be it enacted by the Legislature of West Virginia:
That article twenty-one, chapter eleven of the code of West Virginia, one thousand nine hundred thirty-one, as amended, be amended by adding thereto a new section, designated section twelve-d, to read as follows:
PART I. GENERAL.

ARTICLE 21. PERSONAL INCOME TAX.
§11-21-12d. Additional modification reducing federal adjusted gross income.

In addition to amounts authorized to be subtracted from federal adjusted gross income pursuant to subsection (c), section twelve of this article, any person employed as a manufacturing or industrial employee whose employer has provided a pension plan that terminates prior to the retirement of that person and the pension plan is covered by a guarantor whose maximum benefit guarantee is less than the maximum benefit to which the employee was entitled had the plan not terminated, may subtract a sum equal to the difference in the amount of the maximum pension benefit the person would have received had the plan not terminated and the amount actually received from the guarantor under a benefit guarantee plan. This modification is available regardless of the type of return form filed.


NOTE: The purpose of this bill is to provide a personal income tax adjustment to the gross income of certain retirees receiving pensions from manufacturing and industrial pension plans that terminated before retirement and are being paid at a reduced maximum benefit guarantee rate.

This section is new; therefore, strike-throughs and underscoring have been omitted.
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