This bill amends the Code of West Virginia to extend the duration of Qualified Opportunity Zones until July 1, 2032. Specifically, it modifies the eligibility criteria for businesses seeking to benefit from a tax modification that allows them to subtract net income derived from qualified opportunity zone businesses from their federal taxable income. The current law's deadline for newly registered businesses to qualify for this modification has been changed from January 1, 2024, to the new date of July 1, 2032.

Additionally, the bill clarifies that the modification will apply to qualified opportunity zone businesses that first qualify on or after January 1, 2019, and it preserves the entitlement for existing taxpayers for the remainder of their 10-year application period, provided they remain compliant with the requirements. The Tax Commissioner is also granted the authority to propose rules necessary for the implementation of this section. Overall, the bill aims to encourage business development in designated opportunity zones by extending the tax benefits associated with them.

Statutes affected:
Introduced Version: 11-24-6b
Committee Substitute: 11-24-6b