This bill amends the Code of West Virginia to authorize county commissions to levy an additional county excise tax on the privilege of transferring real property, specifically aimed at funding local economic development initiatives. The new provision allows counties with an economic development corporation or authority to impose this additional tax at a rate of up to $1.10 for each $500 value of the property being transferred. This tax is payable at the time of the transaction and is distinct from existing taxes, as it is not subject to the allocation requirements outlined in subsection (c) of the current law. The funds collected from this additional tax must be used exclusively for the operations, programs, or activities of the designated local economic development entity.

Additionally, the bill modifies the existing structure of the excise tax by increasing the percentage of tax revenue retained by counties over time, culminating in 65% retention by July 1, 2024. It also specifies how these funds should be allocated, with portions designated for the county general fund, election administration, and infrastructure improvements. The Secretary of State is tasked with proposing rules to establish minimum standards for election administration and security, ensuring that the funds are used effectively. Overall, the bill aims to enhance local economic development funding while also improving election-related infrastructure and security.

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