This bill proposes the addition of a new section, 11-13-32, to the Code of West Virginia, aimed at providing a reduction in the business and occupation tax rate for companies that employ at least 75 percent of their workforce from West Virginia residents. The legislation recognizes the economic benefits of hiring local workers and seeks to incentivize companies to do so. Specifically, qualifying companies would receive a 2.5 percent reduction in their overall business and occupation tax rate.

To qualify for this tax reduction, companies must provide evidence that 75 percent of their workforce are West Virginia residents. The West Virginia Department of Tax and Revenue is also authorized to issue guidance on the implementation of this tax credit. The provisions of this bill are set to take effect for the 2025 tax year and continue thereafter.

Statutes affected:
Introduced Version: 11-13-32