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. Additionally, it sets forth requirements for eligibility, application processes, and the burden of proof for claiming the credit.

The act includes provisions for the credit's application against state taxes, limitations on the total credit amount, and rules for carryforward and carryback of unused credits. It also specifies that the act will sunset on December 31, 2031, unless reauthorized by the Legislature, and that no new credits will be earned after this date, although credits earned prior to the sunset will remain valid. The act is set to take effect on July 1, 2026, and will apply to taxable years from 2026 through 2031.

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
Committee Substitute: 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