WV HB2024

Updates West Virginia's Personal Income Tax Act to incorporate federal Internal Revenue Code changes made between December 31, 2023, and January 1, 2025, while excluding any federal amendments made on or after January 1, 2025

Maintains existing provisions that exclude medical savings accounts from the definition of "taxable trust" and exempts employer contributions to such accounts from wage withholding requirements

Preserves the 20% surtax on taxable withdrawals from medical savings accounts established under state insurance code provisions

Applies amendments retroactively to the extent allowed under federal income tax law while preserving the law in effect for taxable years that began prior to January 1, 2025

Retains provisions allowing taxpayers to claim personal exemptions for state tax purposes even though federal law eliminated such exemptions beginning January 1, 2018