CHAPTER 11. TAXATION.

§11-24-3. Meaning of terms; general rule.

(a) Any term used in this article has the same meaning as when used in a comparable context in the laws of the United States relating to federal income taxes, unless a different meaning is clearly required by the context or by definition in this article. Any reference in this article to the laws of the United States means the provisions of the Internal Revenue Code of 1986, as amended, and any other provisions of the laws of the United States that relate to the determination of income for federal income tax purposes. All amendments made to the laws of the United States after December 31, 2020, but prior to January 1, 2022, shall be given effect in determining the taxes imposed by this article to the same extent those changes are allowed for federal income tax purposes, whether the changes are retroactive or prospective, but no amendment to the laws of the United States made on or after January 1, 2022, shall be given any effect.

(b) The term “Internal Revenue Code of 1986” means the Internal Revenue Code of the United States enacted by the federal Tax Reform Act of 1986 and includes the provisions of law formerly known as the Internal Revenue Code of 1954, as amended, and in effect when the federal Tax Reform Act of 1986 was enacted that were not amended or repealed by the federal Tax Reform Act of 1986. Except when inappropriate, any reference in any law, executive order, or other document:

(1) To the Internal Revenue Code of 1954 includes a reference to the Internal Revenue Code of 1986; and

(2) To the Internal Revenue Code of 1986 includes a reference to the provisions of law formerly known as the Internal Revenue Code of 1954.

(c) Effective date. — The amendments to this section enacted in the year 2022 are retroactive to the extent allowable under federal income tax law. With respect to taxable years that began prior to January 1, 2022, the law in effect for each of those years shall be fully preserved as to that year, except as provided in this section.

Bill History For §11-24-3

1992 Regular Session
House Bill 4053
1991 Regular Session
Senate Bill 328
1990 Regular Session
House Bill 4794
1989 Regular Session
House Bill 2709
1988 Regular Session
House Bill 4475
1987 Regular Session
House Bill 3189
1986 Regular Session
House Bill 2009
1985 Regular Session
House Bill 1693
1985 Regular Session
Senate Bill 622
1984 Regular Session
Senate Bill 82
1983 Regular Session
Senate Bill 226
1982 Regular Session
Senate Bill 401
1981 Regular Session
Senate Bill 169
1980 Regular Session
House Bill 1141
1979 Regular Session
House Bill 1046
1978 Regular Session
Senate Bill 144
1977 Regular Session
Senate Bill 577
1976 Regular Session
House Bill 1702
1975 Regular Session
House Bill 933
1974 Regular Session
House Bill 1283
1973 Regular Session
House Bill 1318
1972 Regular Session
House Bill 1214
1971 Regular Session
Senate Bill 22

Signed Bills For §11-24-3