Updates corporate net income tax definitions in West Virginia to align with federal income tax terms.

The bill amends Section 11-24-3 of the West Virginia Code to ensure that terms used in the state's corporate net income tax laws have the same meaning as those used in federal income tax laws. It specifies that references to the Internal Revenue Code of 1954 include the Internal Revenue Code of 1986, and vice versa. The amendments made in 2025 are retroactive to the extent allowed under federal income tax law. This alignment helps ensure consistency between state and federal tax regulations.

Updates corporate net income tax definitions in West Virginia to align with federal income tax terms.

The bill amends Section 11-24-3 of the West Virginia Code to ensure that terms used in the state's corporate net income tax laws have the same meaning as those used in federal income tax laws. It specifies that references to the Internal Revenue Code of 1954 include the Internal Revenue Code of 1986, and vice versa. The amendments made in 2025 are retroactive to the extent allowed under federal income tax law. This alignment helps ensure consistency between state and federal tax regulations.