This bill amends the Build WV Act by replacing the existing project cost limit with a cap on new tax credit liability, specifically setting it at $2 million for new project approvals each fiscal year. It clarifies that this cap applies only to projects first approved during the fiscal year and introduces a requirement for the Department of Economic Development to allocate tax credit reservations based on the estimated completion date provided by applicants. Additionally, the bill allows for smaller projects in designated rural areas to qualify for tax credits even if they do not meet the standard cost thresholds, provided they demonstrate a significant positive economic impact.

Furthermore, the bill establishes a Build WV Credit Reserve Fund, which will be maintained in the State Treasury to support the refundable portion of property value adjustment tax credits. This fund will be initially capitalized at $2 million and replenished annually based on the number of completed projects and anticipated claims. The Department of Economic Development is tasked with managing the fund and conducting periodic reviews to adjust the fiscal cap based on program participation and demand. Overall, the bill aims to enhance the effectiveness of the Build WV program by making it more accessible and responsive to the needs of rural areas and the economic landscape.

Statutes affected:
Introduced Version: 5B-2L-16