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 commercial, industrial, and mixed-use properties. The act sets eligibility criteria for tax credits, requiring a minimum investment of $250,000, a 30% increase in property value, and the creation or sustenance of at least five full-time jobs within three years of project completion.

Additionally, the bill offers enhanced tax incentives for projects in rural and underserved areas, including an extra 10% tax credit for investments in economically distressed counties, as well as additional credits for rehabilitating brownfield and historic properties. It also mandates a fast-track permitting process for qualifying projects and establishes compliance and reporting requirements for businesses claiming tax credits. The act is designed to be budget-neutral, with a cap of $50 million on tax credits per fiscal year, ensuring that it does not impose a financial burden on the state while promoting economic development.

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