SB113 HFA Pushkin, Hansen, S Brown & Rowe 6-17

Delegates Pushkin, Hansen, S Brown and Rowe move to amend the bill on page 3, Section 12K, line 51, following the period, by inserting the following:

“(f)(1) Beginning July 1, 2020, The West Virginia University Bureau of Business and Economic Research shall annually undertake a study of the “Opportunity Zone Tax Incentive” program as established in 26 U.S. Code § 1400z and by this section.  The Bureau shall report to the West Virginia Legislature’s Joint Committee on Government and Finance by January 1, 2021 on the economic impacts of the use of these tax incentives in West Virginia.  The report shall include:

(A) The effectiveness and utilization of the qualified opportunity funds;

(B) The amount of assets held in qualified opportunity funds;

(C) The composition of qualified opportunity fund investments by asset class;

(D) The percentage of qualified opportunity zone census tracts in West Virginia designated under that have received qualified opportunity fund investments; and 

(E) The impacts and outcomes of zone designation in those areas on economic indicators, including job creation, poverty reduction, new business starts, and other metrics as determined by the Bureau.

(2) For any investment that claims the credit, the Bureau shall collect relevant information regarding each such investment, including:

(A) The total amount of the investment and the date on which such investment was made; 

(B) The type of investment, such as whether the investment is in an existing business, new business or real property, and the location of such business or property;

(C) The type of activity being supported by such investment, such as single-family or multi-family residential properties, commercial properties, or the economic sectors in which the business operates;

(D) In the case of a business, the approximate number of full-time employees at the time the investment in such business was made; and

(E) In the case of real property, the approximate total square footage and the approximate number of residential units, as applicable.

 (3) For purposes of any information described in this section, the Bureau shall establish appropriate procedures and measures to ensure that collection of such information is performed in a manner so as to prevent any personally identifiable data included in  such information is properly protected and withheld from disclosure to the public”.

(4) The annual reporting requirement for the West Virginia University Bureau of Business and Economic Research shall expire upon expiration of the state tax credit created by this section.”

And,

Ong page, 3, Section 12K, line 52, by striking out subsection designation “(f)” and inserting in lieu thereof “(g)”;

And,

To amend the title of the bill, by striking out the title and inserting in lieu thereof, the following:

“A Bill to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §11-21-12k; and to amend said code by adding thereto a new section, designated §11-24-6b, all relating generally to establishing tax incentive for new business activity in qualified opportunity zones; establishing eligibility requirements;  defining terms; specifying duration of tax benefit; providing rulemaking authority; providing for termination of program; directing a study and periodic reporting to the Legislature by the West Virginia University Bureau of Business and Economic Research;  and providing effective dates.”