This bill proposes the addition of a new section, 11-13-32, to the Code of West Virginia, aimed at providing a reduction in the business and occupation tax rate for companies that employ at least 75 percent of their workforce from West Virginia residents. The legislation recognizes that hiring local workers contributes positively to the state's economy and seeks to incentivize companies to prioritize local employment.

Under the proposed law, qualifying companies would receive a 2.5 percent reduction in their overall business and occupation tax rate, contingent upon their ability to provide evidence of their workforce composition. The West Virginia Department of Tax and Revenue is also authorized to issue guidance on the implementation of this tax credit. The effective date for this tax reduction is set for the 2026 tax year and will continue thereafter.

Statutes affected:
Introduced Version: 11-13-32