HB 4162
WV Economic Development and Property Revitalization Tax Credit
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- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill creates the West Virginia Economic Development and Property Revitalization Tax Credit Act of 2026, designed to encourage investment in distressed properties and stimulate economic growth across the state. It offers tax credits to businesses and property owners who renovate or redevelop commercial, industrial, or mixed-use properties, with additional incentives for projects in rural or economically distressed areas and those focused on brownfields or historic properties. The Act also streamlines the permitting process for qualifying projects.
Key provisions
- Provides a state B&O tax credit or corporate income tax credit of up to 25% on eligible investment costs (maximum $2 million per project).
- Offers a property tax credit equal to 50% of the increase in assessed property value due to redevelopment, applied annually for up to five years.
- Provides additional tax credits (10%) for projects in counties meeting specific criteria (population, unemployment, distressed economic zones).
- Offers bonus tax credits (5%) for brownfield and historic property rehabilitation projects.
- Establishes a fast-track permitting process for qualifying projects.
- Requires annual compliance reports detailing investment, job creation, and property valuation increases.
- Caps total tax credits at $50 million per fiscal year.
- Credits are non-transferable and cannot be refunded.
Who is affected
- Businesses
- Property Owners
- Developers
- Local Governments
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