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 specifies that beginning July 1, 2025, counties with an economic development corporation or authority may impose this additional tax at a rate of no more than $1.10 for each $500 value of the property being transferred. This tax is to be paid at the time of the transaction 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 removes previous language that limited the use of these funds and introduces a structured allocation for the retained excise tax, which will be used for county purposes, election administration, and infrastructure improvements. The bill also mandates that the Secretary of State propose rules to establish minimum standards for election administration and security, ensuring that funds allocated for these purposes are not supplanted by reductions in the county budget.

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