The proposed bill introduces the "Return to West Virginia Tax Credit Act," which aims to incentivize former residents to return to the state for employment by providing a nonrefundable tax credit against state personal income taxes. The bill establishes a new article in the West Virginia Code, detailing the purpose, findings, and eligibility criteria for the tax credit. Eligible taxpayers can receive a credit of up to $25,000, provided they meet specific residency requirements, including having lived in West Virginia for at least 10 years and not being a resident for the past 10 consecutive years prior to 2025.

Additionally, the bill grants the Tax Commissioner the authority to create necessary rules and documentation forms to facilitate the credit's implementation. The credit can be claimed starting December 31, 2026, and will expire after December 31, 2030. The Tax Commissioner is also required to report annually to the Joint Committee on Government and Finance regarding the credit's utilization, including the number of claims and the benefits realized.

Statutes affected:
Introduced Version: 11-13NN-1, 11-13NN-2, 11-13NN-3, 11-13NN-4, 11-13NN-5, 11-13NN-6