HB 5028 creates the Small-Town Main Street Recovery Act, providing grants to West Virginia municipalities with fewer than 25,000 residents. The bill directs the Department of Economic Development to fund storefront upgrades, small business support, and broadband improvements in these communities. Municipalities must coordinate applications with county commissions or regional development authorities to receive priority consideration. The program aims to support economic revitalization in smaller towns through direct financial assistance for key infrastructure and business needs.
SB 1063 creates a new Economic Development Investment Fund in West Virginia's State Treasury to finance job-creating projects, support industry recruitment, fund infrastructure for large industrial users, and leverage private investment. The fund, administered by the Division of Economic Development, can provide loans, grants, or equity but cannot cover government operating costs or salary increases, with no single project receiving more than 25% of the fund balance. Entities receiving funds must sign performance agreements requiring job creation, private investment thresholds, and tax base expansion. The fund must maintain a minimum balance equal to one year of projected commitments and report annually to the Joint Committee on Government and Finance.
HB 5668 establishes the Central West Virginia Economic Development and Rural Revitalization Program to address economic challenges in eight specific counties: Webster, Clay, Braxton, Roane, Calhoun, Wirt, Lewis, and Gilmer. The bill creates a state program within the Department of Commerce that provides grants, loans, and technical assistance for projects like business development, infrastructure improvements, broadband expansion, and tourism initiatives. It also introduces a 25% tax credit for businesses making qualified investments in the region that create or retain full-time jobs. Projects must be located in the designated counties and prioritize job creation, private funding leverage, and support for economically distressed communities.
SB 749 authorizes four West Virginia counties - Ohio, Harrison, Monongalia, and Jefferson - to levy a special sales tax on businesses within designated economic development districts. The bill specifically approves taxes for the Fort Henry District (500 acres in Ohio County), Charles Pointe District (437 acres in Harrison County), University Town Centre District (1,450 acres in Monongalia County), and a Jefferson County district (unspecified acreage). Each district’s tax authority expires in 2053 or 2054, unless terminated earlier under existing law. The bill ensures these taxes won’t reduce state general revenue by requiring individual legislative approval for each district’s tax authorization. This directly affects businesses operating within these defined areas, with tax revenue funding local economic development initiatives.
SB 877 is a procedural bill that allocates $40 million from an unappropriated surplus balance in the State Fund, General Revenue, to the Department of Commerce's Division of Economic Development. It creates a new $40 million appropriation (item 70099) for "Directed Transfer - Surplus" under fund 0256, which will be transferred to the Economic Development Promotion and Closing Fund (fund 3171). This funding supports economic development activities during fiscal year 2026 but does not create new policies or directly affect specific groups beyond the designated state fund. The bill simply redirects existing surplus funds to a specific economic development account.
SB 623, titled the "West Virginia-Powered Data Center Incentive Act," creates new economic incentives for *new* data centers to locate in West Virginia by offering reduced property taxes and a tax credit for coal-fired electric utilities supplying them with power. To qualify, data centers must meet specific eligibility criteria and apply through a state process, with incentives requiring ongoing compliance to avoid recapture. The bill aims to attract data center investment to generate jobs, boost economic growth, and support West Virginia's coal industry by leveraging its coal-generated electricity infrastructure.
HB 4003 creates the WV First Small Business Growth Act, offering tax credits to investors who fund certified "growth funds" that invest in eligible West Virginia small businesses. The program, administered by the West Virginia Department of Commerce, provides a 15% annual tax credit (after the first two years) against insurance premium taxes for qualified investments. To qualify, growth funds must use 100% of investment proceeds within three years to make "qualified investments" in businesses with fewer than 250 employees operating primarily in West Virginia. This directly affects growth investors (who receive tax credits), growth funds (which must be certified), and eligible small businesses receiving capital.
HB 4013 establishes the "Mountaineer Flexible Tax Credit Act of 2026," creating a state tax credit program for businesses that invest in new projects or expansions within West Virginia. It directly affects qualified businesses seeking economic development incentives by requiring them to apply through the West Virginia Department of Commerce, with credits calculated based on new full-time jobs and average employer wages. Key provisions include standardized application procedures, annual reporting requirements, mandatory audits, and definitions for terms like "qualified business" and "average state wage." The bill aims to encourage private investment and job creation as part of broader economic development efforts, with the tax credit program applying to businesses meeting specific wage and employment criteria.
HB 4784 extends West Virginia's Qualified Opportunity Zones (QOZ) tax incentive program until July 1, 2032. This bill modifies the tax code to allow new businesses in designated opportunity zones to continue receiving a tax reduction on income derived from their operations. Specifically, it permits corporate taxpayers to subtract from federal taxable income an amount equal to net income earned by a qualified opportunity zone business (QOZB) located in West Virginia, provided the business was newly registered between January 1, 2019, and July 1, 2032. The tax benefit applies for a 10-year period starting from the business's first qualifying year, and existing businesses that registered before July 1, 2032, retain their full entitlement.
SB 1, the Small Business Growth Act, creates a new tax credit program administered by the West Virginia Department of Commerce to incentivize investment in small businesses. It provides insurance companies with a credit against their state premium tax equal to 15% of qualifying capital investments made by certified "growth funds" into eligible West Virginia businesses. Eligible businesses must have fewer than 250 employees and principal operations in the state, and investments are limited to 20% of a growth fund's capital authority or $7.5 million per business. The credit is claimed annually based on certified investments, with the program requiring annual reporting and prohibiting certain investment types.
