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Introduced Version - Originating in Committee Senate Bill 71 History

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

Senate Bill No. 71

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(Originating in the Committee on Finance;

reported February 16, 1993.)

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A BILL to amend and reenact section three-a, article twenty-three, chapter eleven of the code of West Virginia, one thousand nine hundred thirty-one, as amended; and to amend and reenact section three, article twenty-four of said chapter, relating to updating the meaning of certain terms used in the West Virginia business franchise tax act and the West Virginia corporation net income tax act by bringing them into conformity with their meanings for federal income tax purposes for taxable years beginning after the thirty-first day of December, one thousand nine hundred ninety-one; preserving prior law; and specifying effective date.

Be it enacted by the Legislature of West Virginia:
That section three-a, article twenty-three, chapter eleven of the code of West Virginia, one thousand nine hundred thirty- one, as amended, be amended and reenacted; and that section three, article twenty-four of said chapter be amended and reenacted to read as follows:
ARTICLE 23. BUSINESS FRANCHISE TAX.

§11-23-3a. 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 of this article. Any reference in this article to the laws of the United States, or to the Internal Revenue Code, or to the federal income tax law shall mean the provisions of the laws of the United States as related to the determination of income for federal income tax purposes. All amendments made to the laws of the United States prior to the first day of January, one thousand nine hundred ninety-three, shall be given effect in determining the taxes imposed by this article for the tax period beginning the first day of January, one thousand nine hundred ninety-two, and thereafter, but no amendment to laws of the United States made on or after the first day of January, one thousand nine hundred ninety-three, shall be given effect.
(b) Effective date. -- The amendments to this section reenacted in the year one thousand nine hundred ninety-three shall be retroactive and shall apply to taxable years beginning on or after the first day of January, one thousand nine hundred ninety-two, to the extent allowable under federal income tax law. With respect to taxable years that began prior to the first day of January, one thousand nine hundred ninety-two, the law in effect for each of those years shall be fully preserved as to each such year.
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 prior to the first day of January, one thousand nine hundred ninety-three, 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-two, and thereafter, but no amendment to the laws of the United States effective on or after the first day of January, one thousand nine hundred ninety-three, 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 includereference 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-three shall be retroactive and shall apply to taxable years beginning on or after the first day of January, one thousand nine hundred ninety-two, to the extent allowable under federal income tax law. With respect to taxable years that began prior to the first day of January, one thousand nine hundred ninety-two, the law in effect for each of those years shall be fully preserved as to each such year.
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