The proposed bill introduces the "West Virginia Reshoring Manufacturing Act," which aims to incentivize local businesses to replace imported goods with those manufactured within the state. It establishes a reshoring tax credit for eligible taxpayers, defined as businesses that purchase goods for resale or use in West Virginia. The bill outlines the credit's structure, including a base allowance of 25% of the verified initial reshoring value and a decreasing percentage for continued reshored activity purchases over subsequent years. The total tax credit for any taxpayer is capped at $1 million per taxable year, and the bill includes provisions for application, eligibility, and verification processes.

Additionally, the bill sets a sunset provision, stating that the reshoring tax credits will expire on December 31, 2030, unless reauthorized by the Legislature. It ensures that any credits earned and certified before this date will remain valid for claims. The effective date for the new provisions is set for July 1, 2026, applying to taxable years thereafter. The legislation emphasizes the importance of supporting in-state production and economic growth while providing a framework for accountability and compliance for businesses seeking to benefit from the tax incentives.

Statutes affected:
Introduced Version: 11-13NN-1, 11-13NN-2, 11-13NN-3, 11-13NN-4, 11-13NN-5, 11-13NN-6, 11-13NN-7, 11-13NN-8, 11-13NN-9, 11-13NN-10, 11-13NN-11, 11-13NN-12, 11-13NN-13, 11-13NN-14