Bill > HB4162

This bill establishes the "West Virginia Economic Development and Property Revitalization Tax Credit Act of 2026" to address vacant and deteriorating properties by offering tax incentives for private sector investment in rehabilitation and development projects, aiming to spur economic growth, create jobs, and improve property values without direct government spending. Businesses, developers, or landowners investing at least $50,000 in commercial, industrial, or mixed-use properties, increasing their value by 30%, and maintaining them in active use for five years, can qualify for tax credits. These credits can be applied against state business and occupation (B&O) tax or corporate income tax, equal to 25% of eligible investment costs up to $2 million per project, or as a property tax credit for 50% of the increased assessed value for up to five years, with credits potentially carried forward for five years but not transferable or refundable. Additional incentives are provided for projects in rural or economically distressed areas, as well as for rehabilitating brownfield sites (previously contaminated industrial properties) or registered historic properties. The bill also mandates a fast-track permitting process for qualifying projects and requires annual compliance reports from recipients, with penalties for non-compliance, and is designed to be budget-neutral, capped at $50 million annually.

Budget and Finance

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=4162&year=2026&sessiontype=RS&btype=bill