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 framework for providing tax incentives to businesses and property owners who invest in the renovation and redevelopment of commercial, industrial, and mixed-use properties. Key eligibility criteria include a minimum investment of $250,000, a requirement to increase property value by at least 30%, and the creation or sustenance of five full-time jobs within three years. The tax credit structure allows qualified applicants to claim a state business and occupation tax credit or a corporate income tax credit equal to 25% of eligible investment costs, with additional incentives for projects in rural or economically distressed areas.

Furthermore, the bill outlines a streamlined regulatory process to expedite permitting for qualifying projects, ensuring that permits and licenses are processed within 90 days. It mandates annual compliance reporting for businesses claiming tax credits, detailing investment amounts, job creation, and property valuation increases. The act is designed to be budget-neutral, with a cap of $50 million on tax credits per fiscal year, thereby ensuring fiscal responsibility while promoting economic development. Overall, the legislation aims to revitalize underutilized properties and enhance local economies without imposing additional burdens on state finances.

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