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SB447 SUB1 Senate Bill 447 History

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



COMMITTEE SUBSTITUTE

FOR

Senate Bill No. 447

(By Senators Bowman, Kessler, Edgell and McKenzie)

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[Originating in the Committee on Finance;

reported March 30, 2001.]

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A BILL to amend article twenty-one, chapter eleven of the code of West Virginia, one thousand nine hundred thirty-one, as amended, by adding thereto a new section, designated section twelve-d, relating to providing a personal income tax adjustment to the gross income of certain retirees receiving pensions from defined benefit pension plans that terminated and are being paid at a reduced maximum benefit guarantee; and providing a sunset provision.

Be it enacted by the Legislature of West Virginia:
That article twenty-one, chapter eleven of the code of West Virginia, one thousand nine hundred thirty-one, as amended, be amended by adding thereto a new section, designated section twelve-d, to read as follows:
ARTICLE 21. PERSONAL INCOME TAX.
Part I. General.

§11-21-12d. Additional modification reducing federal adjusted gross income.

In addition to amounts authorized to be subtracted from federal adjusted gross income pursuant to subsection (c), section twelve of this article, any person retired whose employer has provided a defined benefit pension plan that terminates prior to or after the retirement of that person and the pension plan is covered by a guarantor whose maximum benefit guarantee is less than the maximum benefit to which the retiree was entitled had the plan not terminated may subtract a sum equal to the difference in the amount of the maximum pension benefit the person would have received had the plan not terminated and the amount actually received from the guarantor under a benefit guarantee plan: Provided, That if the tax commissioner determines that this adjustment reduces the revenues of the state by two million dollars or more in any one year, then the tax commissioner shall reduce the percentage of the reduction to a level at which the commissioner believes will reduce the cost of the adjustment to two million dollars for the next year. This tax adjustment shall be effective for taxable years beginning on and after the first day of January two thousand one: Provided, however, That the adjustment shall terminate for the tax years on or after the first day of January, two thousand four. This modification is available regardless of the type of return form filed.
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(NOTE: The purpose of this bill is to provide a personal income tax adjustment to the gross income of certain retirees receiving pensions from defined pension plans that terminated and are being paid at a reduced maximum benefit guarantee rate.

This section is new; therefore, strike-throughs and underscoring have been omitted.)
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