SB 627
Relating to Build WV Act
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- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill modifies the Build WV Act to limit the amount of new tax credits that can be awarded for projects. It establishes a cap of $2 million per fiscal year on new project approvals, focusing on the total liability of tax credits. The bill also allows for smaller projects in rural areas to qualify, requires periodic review of the cap to ensure it aligns with program needs, and creates a dedicated reserve fund to support refund claims for completed projects. Finally, it outlines specific property types that are ineligible for certification under the Build WV program.
Key provisions
- Establishes a $2 million annual cap on new tax credit liability for Build WV projects.
- Allows for smaller projects in rural areas to qualify for certification, potentially with reduced cost thresholds.
- Requires periodic review and adjustment of the credit cap to reflect program demand and usage.
- Creates a Build WV Credit Reserve Fund to cover refund claims for completed projects.
- Specifies criteria for evaluating and approving project applications.
- Excludes certain property types (e.g., timeshares, warehouses, airports) from being certified project property.
- Allows the Department of Economic Development to establish additional criteria for housing projects.
- The Department of Economic Development may not approve a single project unless it meets a minimum cost threshold or includes a specified number of residential units.
Who is affected
- Businesses seeking tax credits under the Build WV Act
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