Bill > HB3492

This bill specifically authorizes the City of Huntington to levy a special district excise tax (a targeted local tax) for its Economic Opportunity Development District, which covers 146 acres of land. Before implementing this tax, the city must meet several requirements: hold a public hearing as specified in state code, submit a required application, and obtain approval from the West Virginia Division of Economic Development. The bill recognizes that municipalities have no inherent authority to levy taxes and must receive explicit legislative permission. Additionally, the bill mandates that any jurisdiction imposing such a special district excise tax must compile and submit a detailed annual report by December 31st after each fiscal year, which must be filed with the Governor, Secretary of Commerce, Secretary of Revenue, and Joint Committee on Government and Finance. This annual report must include comprehensive details about the tax collection, property values, businesses in the district, project-related debt, and projected timelines for debt retirement and district dissolution. The legislation reflects the state legislature's careful approach to authorizing localized economic development initiatives while maintaining oversight and transparency.

Budget and Finance, Business and Industry

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=3492&year=2025&sessiontype=RS&btype=bill