WEST VIRGINIA LEGISLATURE REGULAR SESSION IntroducedENROLLED Senate Bill 487 BYSENATORWBy ELDSenators ANCHAPMANWeld [Introducedand JanuaryChapman 27,[Passed March 08, 2023;

referredin toeffect the90 Committeedays onfrom Finance]passage] IntrEnr SB 487 AAN BILLACT to amend and reenact §11-21-12d of the Code of West Virginia, 1931, as amended, relating to extending the additional modification reducing federal adjusted gross income.

(a) In addition to amounts authorized to be subtracted from federal adjusted gross income pursuant to §11-21-12(c)of§11-21-12(c) of this code, any personwhoperson who retires under an employer-provided defined benefit pension plan that terminates prior to or after the retirement of that person and the pension plan is covered by a guarantor whose maximum benefit guarantee is less than the maximum benefit to which the retiree was entitled had the plan not terminated may subtract annually from his or her federal adjusted income a sum equal to the difference in the amount of the maximum annual pension benefit the person would have received for such tax year had the plan not terminated and the maximum annual pension benefit actually received from the guarantor under a benefit guarantee plan:

(b) This adjustment shall be effective for tax years beginning on January 1, 2020, and shall terminate for taxable years on and after January 1, 2023 2028.