The 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 legal language specifies that beginning July 1, 2025, any county commission 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 deletes language that previously limited the use of these funds and introduces new allocations for election administration, infrastructure, and security. The bill outlines a structured approach for how the excise tax revenues will be utilized over the next few years, with specific percentages allocated to the county general fund and separate accounts for election-related improvements. The Secretary of State is also tasked with proposing rules to establish minimum standards for election administration and security, ensuring that counties meet certain criteria before excess funds can be redirected to their general funds.

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