This bill amends the Code of West Virginia to allow county commissions to impose an additional county excise tax on the privilege of transferring real property, specifically aimed at funding local economic development initiatives. The new legal language specifies that beginning July 1, 2025, any county commission with an economic development corporation or authority may levy this additional tax at a rate of up to $1.10 for each $500 value of the property being transferred. This additional tax is distinct from existing taxes and is not subject to the allocation requirements outlined in subsection (c), meaning the funds collected will be exclusively used for the operations and programs of the local economic development entity.

Additionally, the bill modifies existing provisions regarding the distribution of excise tax revenues. It deletes the phrase "and other county clerk purposes" from the current law and replaces it with "additional county tax for funding local economic development." This change reflects the bill's intent to prioritize funding for local economic development while still allowing for the collection of excise taxes for other county purposes. The bill aims to enhance local economic growth by providing counties with the financial tools necessary to support development initiatives.

Statutes affected:
Introduced Version: 11-22-2