This bill amends the Build WV Act by replacing the existing project cost limit with a cap on new tax credit liability, specifically setting this cap at $2 million for new project approvals per fiscal year. It clarifies that this cap applies only to projects first approved during the fiscal year in question and introduces a requirement for projects to provide an anticipated date of completion. Additionally, the bill allows for the approval of smaller projects in designated rural areas, which can qualify even if they do not meet the standard cost or unit 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 this fund and conducting periodic reviews of the fiscal cap to ensure it reflects program participation and demand. The bill also includes provisions for the Secretary of the Department of Economic Development to approve projects based on specific criteria, ensuring that they contribute positively to the local economy.

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