WV Economic Development and Property Revitalization Tax Credit

HB 3218 creates a tax credit program to incentivize the rehabilitation of underutilized commercial, industrial, and residential properties across West Virginia. Businesses and property owners who invest at least $250,000 in renovation, increase property value by 30%, and create or sustain five full-time jobs within three years can claim a 25% tax credit (up to $2 million) on eligible costs for business and occupation or corporate income tax, plus a 50% property tax credit on increased value for up to five years. Additional credits of up to 15% are available for projects in rural or distressed areas (10%) or for brownfield/historic properties (5% each). The bill also establishes a fast-track permitting process for qualifying projects to streamline development approvals within 90 days.