H. B. 2237
(By Delegates Kiss and Wallace)
[Introduced January 25, 1995; 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 taxation;
corporate net income tax; meaning of terms; 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 for taxable years beginning after the thirty-first
day of December, one thousand nine hundred ninety-three;
preserving prior law; and effective date.
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 prior to the
first day of January,
one thousand nine hundred ninety-four one
thousand nine hundred ninety-five, 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-three one thousand nine hundred ninety-four, and
thereafter, but no amendment to the laws of the United States
effective made on or after the first day of January,
one thousand
nine hundred ninety-four one thousand nine hundred ninety-five,
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was enacted, that were not amended or repealed by the "Federal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-four one
thousand nine hundred ninety-five shall be retroactive and shall
apply to taxable years beginning on or after the first day of
January,
one thousand nine hundred ninety-three one thousand nine
hundred ninety-four, 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-three one
thousand nine hundred ninety-four, the law in effect for each of
those years shall be fully preserved as to each such year.
NOTE: The purpose of this bill is to update the meaning of
certain terms used in the West Virginia Corporation Net Income
Tax Act to bring them into conformity with their meaning for
federal income tax purposes for taxable years beginning after
December 31, 1993. The definitions in effect for taxable years
beginning before January 1, 1994 are fully preserved.
Strike-throughs indicate language that would be stricken
from the present law, and underscoring indicates new language
that would be added.
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