§5B-2L-1. Short Title
5B-2L-1. Short title. This article shall be known as the BUILD WV Act.
§5B-2L-10. Amount of Property Value Adjustment Tax Credit Allowed
(a) Amount of credit. (1) The amount of total property value adjustment tax credit allowed to an eligible taxpayer is the final product of the mathematical steps specified in paragraphs (A), (B) and (C) of this subdivision.
§5B-2L-11. Application of Annual Credit Allowance
(a) Application of annual property value adjustment tax credit against personal income tax or corporate net income tax. The amount of the property value adjustment tax credit shall be taken against the tax liabilities of the eligible taxpayer for the current taxable year imposed by 11-21-1 et seq. or 11-24-1 et seq. of this code, […]
§5B-2L-12. Property Value Adjustment Tax Credit Entitlement Is Retained by Eligible Taxpayers That Have Developed Project Property, Transfer of Credit to Transferees of Project Property Is Prohibited
(a) Transfer or sale of assets. (1) Where there has been a sale or transfer of the certified BUILD WV project assets from an eligible taxpayer to any other person or entity, the eligible taxpayer retains entitlement to the property value adjustment tax credit. Credit entitlement shall not be transferred to the transferee of project […]
§5B-2L-13. Credit Recapture; Interest; Penalties; Additions to Tax; Statute of Limitations
(a) If it appears upon audit or otherwise that any person or entity has taken the property value adjustment tax credit against tax and was not entitled to take the credit, then the credit improperly taken shall be recaptured. Amended returns shall be filed for any tax year for which the credit was improperly taken. […]
§5B-2L-14. Designation of a Certified District
5B-2L-14. Designation of a certified district. (a) A certified BUILD WV district may be designated upon the agreement, in writing, of the following officials: the Secretary of the Department of Economic Development, the Secretary of the Department of Tourism, and the Secretary of the Department of Commerce. (b) A certified district shall be designated by […]
§5B-2L-15. Project Administration and Certification
(a) The Department of Economic Development has the following powers and duties necessary to carry out the purposes of this article, including, but not limited to: (1) To issue approval of and certify all applications for projects and enter into agreements pertaining to certified BUILD WV projects with approved companies;
§5B-2L-16. Project Application; Evaluation Standards; Approval of Projects
(a) Each eligible company or group of multiple party project participants that seeks certification of a proposed project as a certified BUILD WV project must file a written application for approval and certification of the project with the Department of Economic Development. (b) With respect to each eligible company or group of multiple party project […]
§5B-2L-17. Agreement Between Department of Economic Development and Approved Company or Approved Group of Multiple Party Project Participants
(a) The Department of Economic Development, upon final approval of an application by the Secretary, may enter into an agreement with any approved company or group of multiple party project participants with respect to a project. (b) The Department of Economic Development may, at the discretion of the Secretary of the Department of Economic Development, […]
§5B-2L-2. Legislative Findings and Purpose
(a) The Legislature hereby finds that reasonably priced residential housing for graduate, post-graduate and professional job holders, technical workers, and entrepreneurs for targeted businesses in key geographical regions of this state is an essential component of West Virginias comprehensive economic development. Highly meritorious measures have been undertaken under both federal law and state law for […]
§5B-2L-3. Definitions
(a) General. When used in this article, or in the administration of this article, terms defined in this section have the meanings ascribed to them by this section unless a different meaning is clearly required by the context in which the term is used. (b) Terms defined. As used in this article, unless the context […]
§5B-2L-4. Rule-Making
(a) In order to effectuate the purposes of this article, the Tax Commissioner may promulgate procedural rules, interpretive rules and legislative rules, including emergency rules, or any combination thereof in accordance with 29A-3-1 et seq. of this code. (b) In order to effectuate the purposes of this article, the Department of Economic Development or any […]
§5B-2L-5. Application of the West Virginia Tax Procedure and Administration Act and West Virginia Tax Crimes and Penalties Act
The provisions of this article are subject to the West Virginia Tax Procedure and Administration Act, set forth in 11-10-1 et seq. of this code, and the West Virginia Tax Crimes and Penalties Act, set forth in 11-9-1 et seq. of this code, as if the provisions thereof were set forth in extenso in this […]
§5B-2L-6. Effective Date, Expiration Date and Required Reporting
(a) Effective July 1, 2024, and annually thereafter, the Department of Economic Development shall submit a report to the Joint Committee on Government and Finance. The report shall provide: (1) The number and location of all projects approved pursuant to this article;
§5B-2L-7. Consumers Sales and Service Tax and Use Tax Exemption for Construction Contractors
5B-2L-7. Consumers sales and service tax and use tax exemption for construction contractors. (a) Notwithstanding the provisions of 11-15-1 et seq., 11-15A-1 et seq., and 11-15-8d of this code or any other provision of this code, purchases of building materials, tangible personal property, and services by a construction contractor or construction subcontractor directly used in […]
§5B-2L-8. Municipal Authority to Exempt Business and Occupation Tax
5B-2L-8. Municipal authority to exempt business and occupation tax. Notwithstanding any other provision of this code, a municipality that imposes the municipal business and occupation tax pursuant to the provisions of 8-13-5 of this code, may authorize by ordinance, a municipal business and occupation tax exemption for gross income from rents, royalties, fees, or other […]
§5B-2L-9. Eligibility for Property Value Adjustment Tax Credit
5B-2L-9. Eligibility for property value adjustment tax credit. There shall be allowed to every eligible taxpayer a property value adjustment tax credit against the taxes imposed under 11-21-1 et seq. or 11-24-1 et seq. of this code, as determined under this article.