The bill amends the Code of West Virginia to authorize the City of Huntington to levy a special district excise tax for the City of Huntington Economic Opportunity Development District, which encompasses 146 acres of land. This authorization is contingent upon the City holding a public hearing, submitting the required application, and obtaining approval from the West Virginia Division of Economic Development. The bill emphasizes that municipalities do not have inherent authority to levy taxes and must receive explicit legislative approval to do so.
Additionally, the bill mandates that any jurisdiction imposing a special district excise tax must compile and submit a detailed annual report. This report must include information such as the amount of tax collected, the assessed value of properties within the district, a list of businesses operating in the district, and details regarding any indebtedness related to the sales tax increment financing project. The report is to be filed with various state officials by December 31 following the close of the fiscal year, which runs from July 1 to June 30.
Statutes affected: Introduced Version: 8-38-9
Engrossed Version: 8-38-9
Enrolled Version: 8-38-9