Bill > HB5678

This bill amends the Build WV Act by replacing the previous aggregate project cost cap with a new annual cap on new tax credit liability, limiting new project approvals to $2 million in estimated tax credits per fiscal year, with a mechanism to allocate credits based on anticipated project completion dates and a reserve fund to cover refundable tax credits. The bill clarifies that this cap applies only to newly approved projects and not to credits previously allocated, and it allows for smaller projects in rural areas, defined as counties or municipalities not part of a Metropolitan Statistical Area or meeting other state-defined rural characteristics, to be approved even if they don't meet the standard $3 million cost or six-unit minimum. Furthermore, the bill mandates periodic reviews of the tax credit cap every five years to adjust for program demand and usage, establishes a Build WV Credit Reserve Fund initially capitalized at $2 million to support refundable tax credits, and requires annual replenishment of this fund based on project completion and refund trends, with the Department of Economic Development responsible for managing the fund and publishing an annual report on its status.

Budget and Finance

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=5678&year=2026&sessiontype=RS&btype=bill