Updating terms in Corporation Net Income Tax Act

This bill updates West Virginia's Corporation Net Income Tax Act to align specific tax terms with their federal income tax definitions under the Internal Revenue Code. It directly affects corporations subject to West Virginia's corporate net income tax by ensuring state tax calculations match federal terminology for consistency. Key provisions clarify that state tax terms must follow federal definitions (e.g., referencing the Internal Revenue Code of 1986) and specify that federal tax changes made before January 1, 2025, will apply to state taxes, but changes after that date will not. The bill also resolves ambiguities in how references to past tax codes (like the 1954 Code) are interpreted. This is a technical adjustment to tax terminology, not a change to tax rates or obligations.