WV HB4162

Creates tax credits for businesses and property owners investing at least $50,000 in renovating commercial, industrial, or mixed-use properties that increase property value by at least 30%

Offers a 25% state business and occupation or corporate income tax credit on eligible investment costs (capped at $2 million per project) and a 50% property tax credit on increased assessed value for up to five years

Provides an additional 10% tax credit for investments in rural or economically distressed counties with populations under 50,000, above-average unemployment, or "Distressed Economic Zone" designation

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

Caps total tax credits at $50 million per fiscal year and requires recipients to maintain properties in active use for at least five years or face credit recapture