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Introduced Version Senate Bill 269 History

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Senate Bill No. 269

(By Senators Tomblin, Mr. President, and Buckalew,

By Request of the Executive)

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[Introduced March 10, 1997; referred to

the Committee on Finance.]

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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- five, but prior to the first day of January, one thousand nine hundred ninety-six one thousand nine hundred ninety-seven, shall be given effect in determining the taxes imposed by this article for any taxable year beginning the first day of January, one thousand nine hundred ninety-five, or thereafter 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-six one thousand nine hundred ninety-seven, 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-six one thousand nine hundred ninety-seven shall be retroactive and shall apply to taxable years beginning on or after the first day of January, one thousand nine hundred ninety-five one thousand nine hundred ninety-six, 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-five one thousand nine hundred ninety-six, the law in effect for each of those years shall be fully preserved as to such year, except as provided in this section.
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(NOTE: The purpose of this bill is to update the meaning of certain terms such as "federal taxable income" used in the West Virginia Corporation Net Income Tax Act to bring them into conformity with their meaning for federal income tax purposes. Numerous federal changes enacted during 1996 are retroactive to taxable years that began before January 1, 1996. This bill also adopts those changes for West Virginia income tax purposes to the same extent they are retroactive for federal income tax purposes.


Strike-throughs indicate language that would be deleted from current law. Underscoring indicates new language that would be added.)

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FINANCE COMMITTEE AMENDMENT


Oon page _____three, section three, line _____thirteen, before the word "one" by inserting the words "to the tax year beginning the first day of January,".


Adopted
Rejected
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