ENROLLED
H. B. 205
(By Mr. Speaker, Mr. Kiss, and Delegate Trump)
[By Request of the Executive]
[Passed June 12, 2003; in effect from passage.]
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 West Virginia corporation net
income tax act by bringing them into conformity with their
meanings for federal income tax purposes; 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 has 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
means the provisions of the Internal Revenue Code of 1986, as
amended, and any other provisions of the laws of the United States
that relate to the determination of income for federal income tax
purposes. All amendments made to the laws of the United States on
or after the thirty-first day of December, two thousand two, but
prior to the first day of June, two thousand three, shall be given
effect in determining the taxes imposed by this article to the same
extent those changes are allowed for federal income tax purposes,
whether the changes are retroactive or prospective, but no
amendment to the laws of the United States made on or after the
first day of June, two thousand three, 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were not amended or repealed by the federal Tax Reform Act of 1986.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 reference in any law, executive
order or other document:
(1) To the Internal Revenue Code of 1954 includes a reference
to the Internal Revenue Code of 1986; and
(2) To the Internal Revenue Code of 1986 includes 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 two thousand three are retroactive to the extent
allowable under federal income tax law. With respect to taxable
years that began prior to the first day of June, two thousand
three, the law in effect for each of those years shall be fully
preserved as to that year, except as provided in this section.