§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-2M-1. Policy
It is the policy of this state to promote the development of a network of vertiports that will provide equitable access to citizens of this state who may benefit from advanced air mobility operations for cargo and passenger service, and to avoid any vertiport monopolization or discrimination, by: (i) Funding the planning for and construction […]
§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.
§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 […]