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WV SB1058
Bill
AI Summary
- Creates "Economic Freedom Zones" in distressed census tracts (150% unemployment rate above state average or 20% poverty rate), with a maximum of five zones statewide at any time
- Reduces corporate net income tax and personal income tax on business income by 50% for all qualified taxpayers operating within designated zones
- Requires automatic permit approval if state agencies fail to complete reviews within 30 days, and mandates repeal of two existing regulations for each new rule applied within zones
- Establishes occupational licensing reciprocity allowing professionals licensed in other states to work within zones without obtaining separate West Virginia licensure
- Prohibits eminent domain for economic development purposes within zones, bans corporate subsidies (grants, loans, tax increment financing), and includes automatic sunset on July 1, 2035
Legislative Description
Creating Economic Freedom Zones Act
Economic Development
Last Action
To Economic Development
2/21/2026
Committee Referrals
Economic Development2/21/2026
Full Bill Text
No bill text available