Senate Bill No. 447
(By Senators Bowman, Kessler, Edgell and McKenzie)
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[Introduced March 8, 2001; referred to the Committee on Finance.]
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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 manufacturing and industrial pension plans that
terminated before retirement and are being paid at a reduced
maximum benefit guarantee.
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:
PART I. GENERAL.
ARTICLE 21. PERSONAL INCOME TAX.
§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 employed as a manufacturing or
industrial employee whose employer has provided a pension plan that
terminates prior to 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 employee 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. This modification is available regardless of the type of
return form filed.
NOTE: The purpose of this bill is to provide a personal income
tax adjustment to the gross income of certain retirees receiving
pensions from manufacturing and industrial pension plans that
terminated before retirement and are being paid at a reduced
maximum benefit guarantee rate.
This section is new; therefore, strike-throughs and
underscoring have been omitted.