HB 5678
To provide amendments to the Build WV Act
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- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill amends the Build WV Act to change how project costs are managed. Instead of a fixed project cost cap, it now limits the total amount of new tax credit liability approved in a fiscal year to $2 million. The bill also allows for tax credits for smaller projects in rural areas, requires periodic review of the program, and creates a dedicated reserve fund to cover potential refund claims. Additionally, it establishes criteria for project certification and includes exclusions for certain types of properties.
Key provisions
- Caps new tax credit liability at $2 million per fiscal year for new project approvals.
- Allows for tax credits for smaller projects in rural areas.
- Requires periodic review and adjustment of the program to reflect demand and usage.
- Establishes a Build WV Credit Reserve Fund to cover refund claims.
- Specifies criteria for project certification, including economic impact and job creation.
- Excludes certain property types (e.g., residential timeshares, warehouses) from certification.
- Requires projects to meet a minimum cost threshold ($3 million) or include a minimum number of residential units (six) for certification.
- Creates a process for amending estimated completion dates for projects.
Who is affected
- Businesses seeking tax credits under the Build WV Act
- Local governments and communities
- Economic Development organizations
- Property owners
- West Virginia residents
Notable changes
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