HB 5668
Establishing the Central West Virginia Economic Development and Rural Revitalization Act
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- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill establishes the Central West Virginia Economic Development and Rural Revitalization Act to support economic growth and revitalization in central West Virginia. It creates a regional program offering grants, loans, and technical assistance to businesses, infrastructure projects, and tourism initiatives. The bill also includes tax incentives to encourage investment and job creation within the designated counties.
Key provisions
- Defines the ‘Central West Virginia region’ as Webster, Clay, Braxton, Roane, Calhoun, Wirt, Lewis, and Gilmer counties.
- Creates a Central West Virginia Economic Development and Rural Revitalization Program administered by the Department of Commerce.
- Authorizes grants, loans, and technical assistance for various projects including business development, infrastructure, and tourism.
- Establishes a Central West Virginia Investment Tax Credit for qualified capital investments creating jobs.
- Creates a Small Business Job Creation Tax Credit for eligible small businesses.
- Requires the Department to submit an annual report detailing program outcomes and performance.
- Provides for rulemaking by the Department to implement the program.
- Prioritizes projects that create or retain jobs, leverage private funding, and benefit distressed communities.
Who is affected
- Businesses in central West Virginia
- Residents of Webster, Clay, Braxton, Roane, Calhoun, Wirt, Lewis, and Gilmer counties
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