WV HB3218

Creates a state tax credit of 25% of eligible investment costs (up to $2 million) for businesses investing at least $250,000 in renovating commercial, industrial, or mixed-use properties that increase property value by 30% and create at least 5 full-time jobs within 3 years

Provides property owners a tax credit equal to 50% of the increase in assessed property value due to redevelopment, applicable annually for up to 5 years

Offers an additional 10% tax credit for investments in rural or distressed areas with populations under 50,000, above-average unemployment, or designated as "Distressed Economic Zones"

Grants bonus credits of 5% each for brownfield site rehabilitation and historic property renovations conducted according to preservation guidelines

Caps total tax credits at $50 million per fiscal year and establishes a fast-track permitting process requiring priority processing within 90 days for qualifying projects