This bill amends the Code of West Virginia to authorize county commissions to levy an additional excise tax on the privilege of transferring real property, specifically aimed at funding local economic development initiatives. The new legal language allows county commissions with an economic development corporation or authority to impose this additional tax at a rate of up to $1.10 for every $500 of property value, effective July 1, 2025. This tax is to be collected at the time of the property transfer and is designated solely for the operations, programs, or activities of the local economic development entity that the county has selected to receive state grant funding.

Additionally, the bill modifies existing provisions regarding the distribution of excise tax revenues collected by counties. It specifies that starting July 1, 2025, the allocation of these funds will change, with 90% going to the county general fund, and the remaining 10% divided equally between accounts for election administration and other clerk-related purposes. The bill also includes a deletion of previous language that limited the collection of state and county taxes on a single document, streamlining the tax process for real estate transactions.

Statutes affected:
Introduced Version: 11-22-2
Committee Substitute: 11-22-2