Daily Tax Report: State
February. 26, 2021, 5:00 a.m.
The governor of West Virginia signed an act on February 24 to update the meaning of federally adjusted gross income and other terms in the West Virginia Personal Income Tax Act for individual income tax purposes. The law includes measures: 1) Clarification that amendments to US law after December 31, 2019, before January 1, will be used to determine the taxes imposed by the law that are eligible for federal income tax purposes; 2) Clarification that US laws enacted on or after January 1 will not apply, regardless of whether the changes are retrospective or prospective; and 3) Update Medical Savings Definitions …
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