Bill > HB4784

This bill extends the eligibility period for businesses to qualify for a tax modification related to Qualified Opportunity Zones until July 1, 2032. Qualified Opportunity Zones are designated economically distressed areas where new investments may be eligible for preferential tax treatment, as defined by Section 1400Z-1 of the Internal Revenue Code. This bill specifically amends West Virginia law to allow businesses registered as "newly registered businesses" (meaning they are not a reorganization of an existing business and are first required to obtain a business registration certificate) on or after January 1, 2019, and before July 1, 2032, to be eligible for a subtraction from their federal taxable income. This subtraction is equal to the net income derived from a qualified opportunity zone business located in West Virginia, and this tax benefit can be applied for a 10-year period. The bill clarifies that while new entitlements to this modification will end for taxable years beginning on or after July 1, 2032, taxpayers who already qualified before this date will retain their entitlement for the full 10-year period as long as they remain compliant with the law.

Budget and Finance, Government Affairs

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=4784&year=2026&sessiontype=RS&btype=bill