Enrolled Version - Final Version
House Bill 4016 History
OTHER VERSIONS -
Introduced Version
|
Enrolled Version - Final Version (2)
|
| Email
Key: Green = existing Code. Red = new code to be enacted
ENROLLED
H. B. 4016
(By Mr. Speaker, Mr. Thompson, and Delegate Armstead)
[By Request of the Executive]
[Passed March 8, 2008; in effect from passage.]
AN ACT to amend and reenact §11-21-9 of the Code of West Virginia,
1931, as amended, relating to updating meaning of federal
adjusted gross income and certain other terms used in West
Virginia Personal Income Tax Act; and specifying effective
dates.
Be it enacted by the Legislature of West Virginia:
That §11-21-9 of the Code of West Virginia, 1931, as amended,
be amended and reenacted to read as follows:
ARTICLE 21. PERSONAL INCOME TAX.
§11-21-9. Meaning of terms.
(a) Any term used in this article has the same meaning as when
used in a comparable context in the laws of the United States
relating to income taxes, unless a different meaning is clearly
required. Any reference in this article to the laws of the United States means the provisions of the Internal Revenue Code of 1986,
as amended, and any other provisions of the laws of the United
States that 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, two thousand six,
but prior to the first day of January, two thousand eight, 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 the changes are retroactive or prospective, but
no amendment to the laws of the United States made on or after the
fourteenth day of February, two thousand eight, shall be given any
effect.
(b) Medical savings accounts. -- The term "taxable trust" does
not include a medical savings account established pursuant to
section twenty, article fifteen, chapter thirty-three of this code
or section fifteen, article sixteen of said chapter. Employer
contributions to a medical savings account established pursuant to
said sections are not "wages" for purposes of withholding under
section seventy-one of this article.
(c) Surtax. -- The term "surtax" means the twenty percent
additional tax imposed on taxable withdrawals from a medical
savings account under section twenty, article fifteen, chapter
thirty-three of this code and the twenty percent additional tax
imposed on taxable withdrawals from a medical savings account under section fifteen, article sixteen of said chapter which are
collected by the Tax Commissioner as tax collected under this
article.
(d) Effective date. -- The amendments to this section enacted
in the year two thousand eight are retroactive to the extent
allowable under federal income tax law. With respect to taxable
years that began prior to the fourteenth day of February, two
thousand eight, the law in effect for each of those years shall be
fully preserved as to that year, except as provided in this
section.
(e) For purposes of the refundable credit allowed to a low
income senior citizen for property tax paid on his or her homestead
in this state, the term "laws of the United States" as used in
subsection (a) of this section means and includes the term "low
income" as defined in subsection (b), section twenty-one of this
article and as reflected in the poverty guidelines updated
periodically in the federal register by the U.S. Department of
Health and Human Services under the authority of 42 U.S.C.
§9902(2).