HB 5460
Construction Cost Relief Act
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill, the Construction Cost Relief Act, aims to provide a tax rebate to individuals and new home builders in West Virginia who construct new residential properties. The rebate is calculated based on a percentage of the home’s sales price, with adjustments for county sales values, and is triggered upon the home’s sale. The rebate is available for homes constructed after July 1, 2026, and is subject to specific limitations and requirements for claiming the refund.
Key provisions
- Refunds are available for construction materials purchased for new single-family home construction.
- The rebate is calculated as 30% of the home’s sales price, adjusted based on county sales values.
- Counties above the state average sales price will use 1.35 times the state average for rebate calculation.
- New home builders can use their construction loan amount instead of the sales price if they occupy the home as their primary residence.
- Rebates are tied to the recorded sales price on the ‘Closing Disclosure’.
- Claims for refunds must be filed with the tax commissioner within one year of construction completion.
- The rebate applies only to new home construction.
- The annual housing index report will be used to determine the rebate amount.
Who is affected
- Home Builders
- Homeowners
- West Virginia Residents
- Construction Material Suppliers
- The State Tax Department
Notable changes
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