WV HB2604

Reinstates a personal income tax deduction for retirees whose employer-provided defined benefit pension plans terminated, allowing them to subtract the difference between their original entitled pension amount and the reduced amount received from a guarantor (such as the Pension Benefit Guaranty Corporation)

Sets the tax adjustment effective period for taxable years beginning January 1, 2025, through December 31, 2026

Caps the total revenue reduction from this adjustment at $2 million annually; if exceeded, the Tax Commissioner must reduce the percentage of the deduction to stay within that limit

Applies to retirees regardless of the type of tax return form filed

Previously existed from 2007-2015 and 2020-2028, but the bill removes the 2020-2028 provision and replaces it with the new 2025-2026 effective dates