The bill amends the Build WV Act by defining "rural area" to include counties or municipalities outside of Metropolitan Statistical Areas and those meeting additional criteria set by the Department of Economic Development. It replaces the previous project cost cap with a limit on tax credit liability, capping property value adjustment tax credits at $2 million for new project approvals each fiscal year, applicable only to projects first approved in that fiscal year. The bill also establishes a Build WV Credit Reserve Fund in the State Treasury, initially funded at $2 million and replenished annually to support refundable tax credits.

Moreover, the bill allows for smaller projects in designated rural areas to be approved with lower thresholds, specifically for projects with certified costs below $3 million or fewer than six residential units, provided they show significant economic or community benefits. It modifies the certification process by changing "shall" to "may" for certain exclusions, offering flexibility in determining certified project properties. The Department of Economic Development is given the authority to set additional criteria for project evaluations and is responsible for managing the Reserve Fund and publishing an annual report on its status, ensuring transparency in fund allocation.

Statutes affected:
Introduced Version: 5B-2L-16
Committee Substitute: 5B-2L-3, 5B-2L-16