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, ensuring that the special district excise tax does not adversely impact the General Revenue Fund of the state.

Additionally, the bill mandates that any jurisdiction imposing a special district excise tax must compile and submit an annual report detailing various financial aspects, including the amount of tax collected, assessed property values, and information on businesses operating within the district. This report must be filed with several state officials and committees by December 31 following the close of the fiscal year, which runs from July 1 to June 30. The intent of these provisions is to maintain transparency and accountability regarding the use of the special district excise tax.

Statutes affected:
Introduced Version: 8-38-9
Engrossed Version: 8-38-9
Enrolled Version: 8-38-9