Government of Justice signs BUILD WV Act
BUILD WV will offer up to three types of tax credits as incentives to property developers, including a sales tax exemption for building materials, a 10-year refundable tax credit for value adjustment property and a possible B&O municipal exemption.
The Cabinet Secretaries of the State Departments of Economic Development, Commerce and Tourism will designate certified districts where housing need is not being met. Then, developers will apply to the West Virginia Department of Economic Development for certification of residential housing projects, similar to Tourism Development Act tax credit projects.
Projects with a minimum cost of $3 million or that include at least six residential units or houses in a certified neighborhood may qualify for the credits.
“We know there are places in our state that are wonderful places to live and raise a family, but may be lacking in homes. We therefore had to find a way to encourage our builders to mobilize; to further stimulate home development,” Governor Justice said. “That is exactly what this bill will do. We don’t want to sit still. We have to be proactive. We have to show ourselves. Then people will follow.