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WV SB627
Bill
Status
Introduced
1/27/2026
Primary Sponsor
Vince Deeds
Click for details
AI Summary
- Replaces the $150 million aggregate project cost cap with a $2 million annual cap on new property value adjustment tax credits for newly approved Build WV projects per 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 or municipalities outside Metropolitan Statistical Areas) to qualify with less than $3 million in costs or fewer than six residential units if they demonstrate substantial community impact
- Requires the Department of Economic Development to review and revise the fiscal cap at least every five years based on program participation, demand, and usage trends
- Mandates applicants provide estimated completion dates for tax credit allocation purposes, with the option to amend completion year subject to availability under that year's credit cap
Legislative Description
Relating to Build WV Act
Economic Development
Last Action
To Finance
1/30/2026
Committee Referrals
Finance1/30/2026
Economic Development1/27/2026
Full Bill Text
No bill text available