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, 2019, but prior to January 1, 2021, 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, 2021, 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Code of 1954, as amended, and in effect when the federal Tax Reform Act of 1986 was enacted that were not amended or repealed by the federal Tax Reform Act of 1986.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 2021 are retroactive to the extent allowable under federal income tax law. With respect to taxable years that began prior to January 1, 2021, the law in effect for each of those years shall be fully preserved as to that year, except as provided in this section.

Bills Affecting §11-24-3

2001 Regular Session: HB2796
2001 Regular Session: SB440
2002 1X: SB1009
2002 Regular Session: HB4007
2002 Regular Session: SB114
2003 2X: HB205
2003 2X: SB2005
2003 Regular Session: HB2890
2003 Regular Session: HB3157
2003 Regular Session: SB461
2004 Regular Session: HB3157
2004 Regular Session: HB4012
2004 Regular Session: SB137
2004 Regular Session: SB594
2005 Regular Session: HB2445
2005 Regular Session: HB3128
2005 Regular Session: SB188
2005 Regular Session: SB614
2006 Regular Session: HB2445
2006 Regular Session: HB4467
2006 Regular Session: HB4566
2006 Regular Session: HB4846
2006 Regular Session: SB520
2006 Regular Session: SB530
2007 Regular Session: HB2314
2007 Regular Session: SB126
2008 Regular Session: HB4017
2008 Regular Session: HB4698
2008 Regular Session: SB184
2009 Regular Session: HB2902
2009 Regular Session: SB410
2010 Regular Session: HB4028
2010 Regular Session: SB214
2011 Regular Session: HB2650
2011 Regular Session: SB205
2012 Regular Session: HB4090
2012 Regular Session: SB210
2013 Regular Session: HB2515
2013 Regular Session: SB183
2014 Regular Session: HB4174
2014 Regular Session: SB327
2015 Regular Session: HB2115
2015 Regular Session: SB241
2016 Regular Session: HB4148
2016 Regular Session: HB4148
2016 Regular Session: SB354
2016 Regular Session: SB354
2017 Regular Session: HB2590
2017 Regular Session: SB363
2018 Regular Session: HB4135
2018 Regular Session: SB265
2019 Regular Session: HB2414
2019 Regular Session: SB268
2020 Regular Session: SB300
2021 Regular Session: HB2359
2021 Regular Session: SB271