WV SB624

Extends the sunset date for West Virginia personal and corporate income tax modifications for Qualified Opportunity Zone businesses from January 1, 2024 to the date federal tax relief for these zones ends under P.L. No. 115-97 as amended by P.L. No. 119-21.

Allows qualifying businesses in designated Opportunity Zones to subtract net income derived from those businesses from their state taxable income for both individual and corporate taxpayers.

Requires businesses to be newly registered in West Virginia (not reorganizations of existing businesses) and located in a federally designated Qualified Opportunity Zone within the state to qualify.

Provides a 10-year benefit period for qualifying businesses, beginning with the first full taxable year they qualify or first report net income, with existing beneficiaries retaining their entitlement through the full 10-year period.