Senate Bill No. 100
(By Senator Bowman)
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[Introduced January 9, 2008; referred to the Committee on
Pensions; and then to the Committee on Finance.]
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A BILL to amend and reenact §11-21-12d of the Code of West
Virginia, 1931, as amended, relating to providing a personal
income tax adjustment to the gross income of certain retirees
receiving pensions from defined pension plans that terminated
and are being paid a reduced maximum benefit guarantee.
Be it enacted by the Legislature of West Virginia:
That §11-21-12d of the Code of West Virginia, 1931, as
amended, be amended and reenacted to read as follows:
ARTICLE 21. PERSONAL INCOME TAX.
PART II. RESIDENTS.
§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 who retires under an employer-provided 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 annually from his or her
federal adjusted income a sum equal to the difference in the amount
of the maximum annual pension benefit the person would have
received for
such the tax year had the plan not terminated and the
maximum annual pension benefit 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 is 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
seven thirteen.
This modification is available regardless of the type of return
form filed.
NOTE: The purpose of this bill to extend the termination of a
personal income tax adjustment to the gross income of certain
retirees receiving pensions from defined pension plans that
terminated and are being paid a reduced maximum benefit guarantee
from two thousand seven to two thousand thirteen.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.
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