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West Virginia: Reminder: July 1, 2024 Filing Deadline to Claim New Deferred Tax Deduction
According to legislation enacted in 2023 that permits some publicly traded companies impacted by West Virginia’s apportionment law changes (e.g., its move to single sales factor apportionment and market-based sourcing) to claim a deferred tax deduction in computing their West Virginia taxable income related to a decrease in net deferred tax assets or increase in net deferred tax liabilities calculated in accordance with generally accepted accounting principles (GAAP) [see H.B. 3286 (2023) and State Tax Matters, Issue 2023-14, for more details on the 2023 legislation], taxpayers intending to claim this new deduction must “file a statement with the Tax Commissioner on or before July 1, 2024, specifying the total amount of the subtraction which the taxpayer claims.” Please contact us with any questions.
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