The proposed bill introduces the "West Virginia Economic Development and Property Revitalization Tax Credit Act of 2026," 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 $50,000, a requirement to increase property value by at least 30%, and maintaining active use of the property for five years. The tax credit structure allows qualified applicants to claim a state business and occupation tax credit or a corporate income tax credit of 25% of eligible investment costs, with a cap of $2 million per project, as well as a property tax credit of 50% on the increase in assessed property value for up to five years.

Additionally, the bill includes provisions for extra incentives for projects in rural and underserved areas, such as an additional 10% tax credit for investments in economically distressed counties. It also offers a 5% bonus for rehabilitating brownfield sites or historic properties. To facilitate these developments, the West Virginia Development Office will implement a fast-track permitting process, ensuring timely approvals. Compliance and reporting requirements are established to monitor the effectiveness of the tax credits, with penalties for non-compliance. The act is designed to be budget-neutral, with a cap of $50 million on tax credits per fiscal year to maintain fiscal responsibility 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