ENROLLED
Senate Bill No. 92
(By Senators Craigo, Blatnik, Chafin, Dugan, Helmick, Kimble,
Love, Macnaughtan, Manchin, Minear, Plymale, Sharpe, Walker and
Whitlow)
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[Passed February 13, 1996; in effect from passage.]
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AN ACT 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 for taxable years
beginning after the thirty-first day of December, one thousand
nine hundred ninety-four; preserving prior law; and specifying
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-six, 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, 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, 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were not amended or repealed by the "Federal Tax Reform Act of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 shall be
retroactive and shall apply to taxable years beginning on or after
the first day of January, one thousand nine hundred ninety-five, 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, the law in effect for each of
those years shall be fully preserved as to such year.