Bill > SB546

This bill amends West Virginia state law to authorize county commissions to levy an additional excise tax on real property transfers for the purpose of funding local economic development. Specifically, starting July 1, 2025, counties with an economic development corporation or authority may impose an extra tax of up to $1.10 for each $500 of property value when a real estate document is recorded. This additional tax can only be used to fund the operations, programs, or activities of the local economic development corporation or authority designated to receive economic development grant funding. The bill builds upon existing provisions that gradually increase the percentage of property transfer excise tax retained by counties, with percentages escalating from 10% in 2021 to 65% by 2024, and 100% by 2025. The new provision allows counties an extra funding mechanism specifically targeted at supporting local economic development efforts, giving county commissions more flexibility to generate revenue for economic growth initiatives. The tax would be collected at the time of document recording and would be separate from the existing excise taxes on property transfers.

Budget and Finance, Government Affairs

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=546&year=2025&sessiontype=RS&btype=bill