For Immediate Release Contact: Lee Ann Kennedy

(304) 558-2051

West Virginia Personal And Corporate Income Taxes

Each year the West Virginia State Tax Department proposes legislation that amends the Code of West Virginia to update the meaning of certain terms used in the Personal Income Tax and Corporation Net Income Tax acts to bring them into conformity with their meaning for federal purposes.

Bills have been passed by the West Virginia Legislature that conform these tax laws to all current Internal Revenue Code provisions, including federal pension reform measures.

The enactment of these conformity statutes eliminates the need to directly address issues such as the Federal law change that increases the amount that you can contribute to your IRA and 401(k) accounts. The adjustment to Federal Income is included in federal adjusted gross income and no adjustment for IRA or 401(k) contributions is necessary for determining West Virginia taxable income.

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