West Virginia Enacts Voluntary Portable Benefits Plan Act, Provides Income Subtraction Modification

The West Virginia Governor signed a law concerning portable benefit accounts. The law includes: 1) providing a subtraction modification from federal adjusted gross income (AGI), beginning on or after Jan. 1, for contributions and receipt of contributions during the taxable year to a voluntary portable benefits plan, to the extent not allowable as a federal deduction in computing federal AGI; and 2) providing a subtraction modification from federal taxable income (TI), beginning on or after Jan. 1, for contributions during the taxable year to a voluntary portable benefits plan, to the extent not allowable as a federal deduction in computing ...