Extending sunset date for modification to personal and corporate income tax for qualified businesses

SB 624 extends the expiration date of a tax modification that reduces personal and corporate income tax for qualified opportunity zone businesses in West Virginia. It directly affects businesses newly registered in West Virginia between January 1, 2019, and January 1, 2024, that operate within designated opportunity zones. The bill prevents the current 2024 sunset date from taking effect, allowing these businesses to continue claiming the tax reduction for the full 10-year period authorized under existing law. This change ensures ongoing eligibility for the tax benefit without requiring new business registrations.