Bill > HB2148

This bill establishes the Tourism and Commercial Opportunity Zone Tax and Tax Credit Act to encourage business development and economic growth in West Virginia. The bill creates a program where businesses making investments of at least $250,000 in designated zones can receive special tax treatment, including a reduced property tax rate equivalent to the state's Class 2 property rate for up to 10 years and a sales tax credit that can be applied against income taxes. The zones will be selected by a panel of state economic development, tourism, and commerce officials, with each county's eligible zone acreage calculated based on population. Businesses must maintain their investment for at least 10 years or face penalties, and the law includes provisions for transferring tax credits if the property is sold. The bill requires annual reporting on the program's effectiveness, tracking metrics such as job creation, wages, and economic impact. Notably, the program cannot be used in existing Tax Increment Financing (TIF) districts, and any zone designation can be rejected by local authorities, though such rejection would make the county ineligible for future zone designations for five years. The program is set to become effective on July 1, 2025, and is designed to attract secondary businesses to support major industrial developments in the state.

Business and Industry, Government Affairs

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=2148&year=2025&sessiontype=RS&btype=bill