SB499 HFIN AM

McO

The Committee on Finance moves to amend the bill on page three, section three, line three, following the words “tax on coal”, by striking out the comma and inserting in lieu thereof a semicolon and the following: “(3) the”; and by renumbering the remaining subdivisions in the sentence;

On page three, section three, line twenty, following the citation “11-10-5 -f” and inserting in lieu thereof “§11-10-5f”;

On page fourteen, section fifteen, line twenty-nine, following the citation §11-21-1 et seq.”, by inserting a comma;

On page seventeen, section eighteen-c, line three, by striking out the words “tracking report under IRC § 6226(b)(4)(a)” and inserting in lieu thereof the words “report under §11-21A-3 of this code”;

On page thirty-eight, section fifty-nine, line one, at the beginning of subsection “(a)”, by striking out the word “If” and inserting in lieu thereof the words “Unless the provision of §11-21A-1 et seq. of this code apply, if”;

On page fifty-one, section one, line nineteen, following the words “any person that”, by inserting the word “is”;

On page sixty-five, section twenty, line one, at the beginning of subsection “(a)”, by striking out the word “If” and inserting in lieu thereof the words “Unless the provision of §11-21A-1 et seq. of this code apply, if”;

And,

On page sixty-six, section twenty, beginning on line twenty-one, by striking out subsections (c) and (d) in their entirety and inserting in lieu thereof the following:

“(c) For the purposes of this section, assessments under a partial agreement, closing agreement covering specific matters, jeopardy or advance payment are considered part of the final determination and must be submitted to the Tax Commissioner with the final determination.

(d) If a partial agreement, a closing agreement covering specific matters or any other agreement with the United States Treasury Department would be final except for a federal extension still open for flow through adjustments from other entities or other jurisdictions, the final determination is the date the taxpayer signs the agreement. Flow-through adjustments include, but are not limited to, items of income gain, loss and deduction that flow through to equity owners, of a partnership, or other passthrough entity. Flow through adjustments are finally determined based on criteria specified in §11-24-20(g) of this code.

(e) The Tax Commissioner is not required to issue refunds based on any agreement other than a final determination.

(f) If a taxpayer has filed an amended federal return, and no corresponding West Virginia amended return has been filed with the Tax Commissioner, then the period of limitations for issuing a notice of assessment shall be reopened and shall not expire until three years from the date of delivery to the Tax Commissioner by the taxpayer of the amended federal return. However, upon the expiration of the period of limitations as provided in §11-10-15 of this code, then only those specific items of income, deductions, gains, losses, or credits, which were adjusted in the amended federal return shall be subject to adjustment for purposes of recomputing West Virginia income, deductions, gains, losses, credits, and the effect of such adjustments on West Virginia allocations and apportionments.

(g) For the purposes of this section, "final determination" means the appeal rights of both parties have expired or have been exhausted relative to the tax year for federal income tax purposes.

(h) The amendments made to this section in the year 2019 shall apply, without regard to taxable year, to federal determinations that become final on or after the effective date of the amendments to this section in the year 2019.”

ADOPTED

REJECTED