HB 5675
WV Reshoring Manufacturing Act
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
House Bill 5675, the West Virginia Reshoring Manufacturing Act, aims to incentivize West Virginia businesses to manufacture goods within the state instead of importing them from abroad. It establishes a reshoring tax credit for eligible companies that replace imported goods with domestically produced ones. The credit is tiered, decreasing over time for continued reshoring activity, and is subject to specific requirements and limitations. The bill also includes findings about the state's reliance on imported goods and an expiration date for the program.
Key provisions
- Creates a reshoring tax credit for eligible businesses.
- Defines key terms such as ‘Eligible taxpayer,’ ‘Imported goods,’ and ‘Qualified West Virginia manufacturer.’
- The credit is equal to 25% of ‘Verified initial reshoring value’ and decreases to 5% in the fifth year of continued activity.
- The total credit allowed per taxpayer cannot exceed $1 million annually.
- Requires a ‘reshoring activity verification report’ to certify eligibility.
- Prohibits carryforward and carryback of unused credits.
- Sets an expiration date for the program at December 31, 2030.
- Preserves credits earned before the sunset date.
Who is affected
- West Virginia Businesses
- Manufacturers
- Taxpayers
- The Office of Economic Development
- The Tax Commissioner
Notable changes
- Introduces a new tax incentive program specifically focused on reshoring manufacturing activities.
Sponsors
Official sponsors from legislative records.
Primary sponsor
G. Howell
Cosponsors
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