Updates West Virginia's corporate net income tax definitions to align with federal income tax law.

West Virginia HB4023 updates Section 11-24-3 of the Code of West Virginia, 1931, as amended, to ensure terms used in the state's corporate net income tax law match those defined in federal income tax law. This includes aligning references to the Internal Revenue Code of 1986 and the Internal Revenue Code of 1954. The bill specifies that amendments made to federal laws after December 31, 2024, but before January 1, 2026, will be applied to West Virginia's tax laws to the extent allowed by federal law.

Updates West Virginia's corporate net income tax definitions to align with federal income tax law.

West Virginia HB4023 updates Section 11-24-3 of the Code of West Virginia, 1931, as amended, to ensure terms used in the state's corporate net income tax law match those defined in federal income tax law. This includes aligning references to the Internal Revenue Code of 1986 and the Internal Revenue Code of 1954. The bill specifies that amendments made to federal laws after December 31, 2024, but before January 1, 2026, will be applied to West Virginia's tax laws to the extent allowed by federal law.