SB 939
Creating WV Reshoring Manufacturing Act
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- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
Senate Bill 939, the West Virginia Reshoring Manufacturing Act, aims to incentivize West Virginia businesses to manufacture goods within the state instead of importing them from abroad. The bill establishes a new tax credit for companies that replace imported goods with locally produced alternatives. This credit is based on the value of the imported goods replaced and is tiered, decreasing over time for continued reshoring activity. The bill includes provisions for eligibility, verification, and limitations on the credit, with an expiration date of December 31, 2030.
Key provisions
- Creates a reshoring tax credit for eligible businesses.
- The credit is based on the value of imported goods replaced with West Virginia-manufactured goods.
- The credit amount decreases over time for continued reshoring activity.
- Eligibility requirements include being a qualified West Virginia manufacturer and purchasing goods for resale or use in business operations in West Virginia.
- Requires a reshoring activity verification report to be submitted.
- Limits the total tax credit to $1 million per taxpayer annually.
- Prohibits carryforward and carryback of unused credits.
- The bill expires on December 31, 2030, unless reauthorized.
Who is affected
- West Virginia Businesses
- Manufacturers
- Taxpayers
- The West Virginia Department of Economic Development
- The West Virginia Tax Commissioner
Notable changes
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