Bill
Bill > SB624
WV SB624
WV SB624Extending sunset date for modification to personal and corporate income tax for qualified businesses
summary
Introduced
01/27/2026
01/27/2026
In Committee
01/27/2026
01/27/2026
Crossed Over
Passed
Dead
Introduced Session
2026 Regular Session
Bill Summary
The purpose of this bill is to extend the sunset date for modification to personal and corporate income tax for qualified opportunity zone businesses.
AI Summary
This bill extends the deadline for businesses to qualify for tax modifications related to "Qualified Opportunity Zone Businesses" (businesses operating in designated economically distressed areas that receive federal tax benefits) and "Qualified Opportunity Zones" (the designated areas themselves). Previously, these businesses had to be newly registered in West Virginia before January 1, 2024, but this bill changes that deadline to the date when federal tax relief for these zones is no longer available, as established by specific federal laws (P.L. No. 115-97 as amended by P.L. No. 119-21). This extension applies to both individual and corporate income taxes, allowing eligible businesses and their investors to continue benefiting from modifications that reduce their taxable income derived from these qualified businesses for up to 10 years, provided they meet the other requirements and were first established after January 1, 2019.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
To Finance (on 01/27/2026)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=624&year=2026&sessiontype=RS&btype=bill |
| Fiscal Note - Tax & Revenue Department, WV State | http://www.wvlegislature.gov/Fiscalnotes/FN(2)/fnsubmit_recordview1.cfm?RecordID=955270009 |
| BillText | http://www.wvlegislature.gov/Bill_Status/bills_text.cfm?billdoc=sb624%20intr.htm&yr=2026&sesstype=RS&i=624 |
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