SB 1058
Creating Economic Freedom Zones Act
Take action
Record your position on this measure.
Sign in to record your position, submit testimony, or contact your legislator.
Sign in to take action- Introduced
- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
Senate Bill 1058, the "Economic Freedom Through Equal Treatment Act," aims to create ‘Economic Freedom Zones’ in West Virginia designated as areas with high unemployment and poverty. The bill proposes broad-based tax reductions for businesses and individuals operating within these zones, along with regulatory simplification and protections for private property. It also includes provisions for occupational licensing reciprocity and transparency regarding zone performance.
Key provisions
- Designation of ‘Economic Freedom Zones’ in distressed areas (census tracts with high unemployment and poverty).
- 50% reduction in corporate net income tax and personal income tax rates for qualified taxpayers within zones.
- Requirement to repeal two existing state administrative rules for each new rule implemented within a zone.
- Recognition of occupational licenses from other states for those working within zones.
- Prohibition on eminent domain for economic development within zones.
- Annual reporting requirements on tax reductions, employment levels, and net migration into zones.
- Restriction on corporate subsidies and financing within zones.
- Sunset provision, terminating the act in 2035 unless reauthorized.
Who is affected
- Businesses operating in West Virginia
- Individuals residing in West Virginia
- West Virginia residents in distressed areas
- The West Virginia Department of Economic Development
- State agencies
Arguments in favor
Reasons to support this legislation.
No arguments in favor have been submitted.
Submit yoursArguments opposed
Reasons to oppose this legislation.
No arguments opposed have been submitted.
Submit yours