The proposed bill introduces the "Economic Freedom Through Equal Treatment Act" to amend the Code of West Virginia by establishing a new article focused on creating Economic Freedom Zones. The legislation aims to promote economic growth through equal application of law, low taxation, and limited government intervention, while specifically addressing the needs of distressed areas defined by high unemployment and poverty rates. The bill outlines the criteria for designating these zones, which requires legislative approval, limits the number of zones to five statewide, and mandates that designations expire after eight years unless renewed.

Key provisions of the bill include significant tax reductions for qualified taxpayers operating within the zones, with a 50% reduction in both corporate net income and personal income tax rates. It also emphasizes regulatory simplification by requiring the repeal of two existing rules for every new rule introduced, and mandates expedited permit reviews. The bill prohibits the use of eminent domain for economic development purposes within the zones and ensures that benefits are distributed equally among all lawful businesses without favoritism. Additionally, it includes transparency measures, a prohibition on corporate subsidies, and a sunset clause that terminates the article in 2035 unless reauthorized.

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