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 establishes a 2.5 percent tax rate reduction for qualifying companies.

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

Statutes affected:
Introduced Version: 11-13-32