Relating to Updating Corporate Net Income Tax definitions

HB 4023 updates West Virginia's corporate net income tax definitions to align with federal tax law, ensuring state tax rules match the Internal Revenue Code. The bill specifies that state tax terms will have the same meaning as in federal law, and federal tax changes made before January 1, 2025, will be adopted for state tax purposes - though changes on or after that date will not apply. It also clarifies that references to the federal tax code include both the 1986 and 1954 codes in certain contexts. The law applies retroactively to tax years before 2025 but preserves prior tax rules for those years.