The proposed bill introduces the "West Virginia Economic Development and Property Revitalization Tax Credit Act of 2025," aimed at stimulating economic growth and property rehabilitation across the state. It establishes a new article in the West Virginia Code, outlining the purpose of the act, which includes providing tax incentives for businesses and property owners who invest in the renovation and redevelopment of underutilized properties. The act emphasizes the importance of private sector investment in creating job opportunities and enhancing local economies without imposing additional burdens on state finances.

Key provisions of the bill include eligibility criteria for tax credits, which require a minimum investment of $250,000 in property improvements, a 30% increase in property value, and the creation or retention of at least five full-time jobs. The tax credit structure allows for a 25% credit on eligible investment costs, with additional incentives for projects in rural or economically distressed areas, as well as for those rehabilitating brownfield or historic properties. The bill also mandates compliance and reporting requirements for businesses claiming tax credits and ensures that the program remains budget-neutral, with a cap of $50 million in tax credits per fiscal year.

Statutes affected:
Introduced Version: 11-29-1, 11-29-2, 11-29-3, 11-29-4, 11-29-5, 11-29-6, 11-29-7