HB4502 S FIN AM #1 3-9
The Committee on Finance moved to amend the bill on pages eight and nine, section six, lines one through seven, by striking out all of section six and inserting in lieu thereof a new section six, to read as follows:
§5B-2L-6. Effective date, expiration date and required reporting.
(a) Effective July 1, 2024, and annually thereafter, the Department of Economic Development shall submit a report to the Joint Committee on Government and Finance. The report shall provide:
(1) The number and location of all projects approved pursuant to this article;
(2) The geographic distribution of the projects approved;
(3) The total number of new housing units approved over the preceding year;
(4) The total number of housing units completed oved the preceding year;
(5) The total amount of exemptions granted pursuant to §5B-2L-7 of this article;
(6) The total amount of property value adjustment tax credits allowed pursuant to §5B-2L- 10 of this article; and
(7) Any other information requested by the Joint Committee on Government and Finance.
(b) Any property value adjustment tax credit authorized by this article shall be effective for corporate net income tax years and personal income tax years beginning on and after January 1, 2023.
(c) Effective January 1, 2028, the provisions of this article shall expire and have no further force or effect: Provided, That any tax exemption or property value adjustment tax credit authorized pursuant to this article prior to January 1, 2028, shall continue to be valid and eligible for redemption pursuant to procedures provided herein.;
On page eighteen, section fourteen, line twenty-three, by striking out “12” and inserting in lieu thereof “3”;
On page twenty, section sixteen, lines fourteen through twenty, by striking out all of subsection (c) and inserting in lieu thereof a new subsection (c), to read as follows:
(c) The aggregate sum of approved costs for all projects for any fiscal year shall not exceed $40 million. Any project application submitted for certification in the fiscal year after the sum of $40 million has been reached shall not be approved or certified. Notwithstanding any other provision of this code, for any fiscal year, the Secretary of the Department of Economic Development may not approve any single proposed project as a certified BUILD WV project for the fiscal year unless the proposed project has an aggregate sum of approved costs that is at least $3 million or the proposed project includes at least six residential units or houses.