Bill > SB627

This bill amends the Build WV Act by defining "rural area" to include counties or municipalities not part of a Metropolitan Statistical Area or meeting other rural characteristics determined by the Department of Economic Development, such as low population density or distance from urban centers. It also revises the financial limitations for new project approvals, replacing a previous project cost cap with a new tax credit liability cap of $2 million per fiscal year for newly approved projects, with provisions for reserving credits based on estimated completion dates and allowing amendments to these dates. Importantly, projects in designated rural areas can be approved with lower cost or unit thresholds if they demonstrate significant economic or community impact. The bill also establishes a Build WV Credit Reserve Fund, initially funded at $2 million and replenished annually, to support the refundable portion of property value adjustment tax credits, with the Department of Economic Development managing the fund and reporting on its status. The fiscal cap on new project approvals will be reviewed and adjusted every five years based on program usage and demand.

Budget and Finance, Business and Industry

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=627&year=2026&sessiontype=RS&btype=bill