WV HB5678

Replaces the $150 million annual cap on aggregate project costs with a $2 million annual cap on new property value adjustment tax credits, applying only to projects first approved during that fiscal year

Creates a Build WV Credit Reserve Fund in the State Treasury, initially capitalized at $2 million and replenished annually, to support refundable tax credit claims from completed projects

Allows smaller projects in rural areas (counties outside Metropolitan Statistical Areas) to qualify for certification even if they fall below the standard $3 million cost or six residential unit minimums

Requires the Department of Economic Development to review and revise the fiscal cap at least every five years based on program participation, demand, and actual usage trends

Establishes a credit estimation process using a three-year average of statewide Class III property tax rates for fiscal cap compliance, while final credits remain based on actual rates at project completion