SB 248
Return to WV Tax Credit Act
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Sign in to take action- Introduced
- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill, the Return to WV Tax Credit Act, creates a nonrefundable tax credit for West Virginians who meet specific criteria to encourage them to return to the state and seek employment. Eligible taxpayers who previously resided and worked in West Virginia for at least 10 years, or were born in West Virginia, and have not been residents for at least 10 consecutive years prior to 2025, can claim a credit of up to $25,000 against their state personal income taxes. The credit is set to expire after December 31, 2030, and requires an annual report to the legislature.
Key provisions
- Creates a nonrefundable tax credit of up to $25,000.
- Eligibility requires prior West Virginia residency and employment for at least 10 years, or birth in West Virginia.
- Individuals must not have been West Virginia residents for at least 10 consecutive years prior to 2025.
- The credit is available to taxpayers who became West Virginia residents on or after January 1, 2025.
- The Tax Commissioner can create forms and require documentation to verify eligibility.
- The credit is available to claim after December 31, 2026.
- The credit expires on December 31, 2030.
- Requires an annual report to the Joint Committee on Government and Finance detailing credit utilization.
Who is affected
- West Virginia residents
- Former West Virginia residents
- Taxpayers
- The West Virginia Department of Revenue
- Employers in West Virginia
Notable changes
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