Build WV Presentation by the West Virginia Department of Economic Development

    Build WV Presentation by the West Virginia Department of Economic Development

    Wednesday, August 14, 2024 (2:00 PM - 3:00 PM) (EDT)

    Description

    Meghan Smith, Manager, Business and Industrial Development with the West Virginia Department of Economic Development will present the Build WV program to interested parties at the Morgantown Area Partnership, Wednesday August 14th at 2 pm. All are welcome to attend this presentation, member or not. 

    Passed in the 2022 Legislative Session, the BUILD WV Act aims to assist West Virginia’s growing communities in attracting much-needed housing development projects. The credit offers a State Sales and Use Tax exemption for building materials and a 10-year property value adjustment refundable tax credit to offset building costs. West Virginia is one of the fastest growing in-bound states, and the demand for new, residential properties has never been higher. The West Virginia Department of Economic Development (WVDED) oversees the program and reviews all applications. The BUILD WV Act allows for the following incentives for approved BUILD WV Projects: 

    1.Sales Tax Exemption – Purchases of building materials, tangible personal property, and services by a construction contractor or subcontractor directly used in the construction of a certified BUILD WV project are exempt from consumer sales and service tax. 

    2.Property Value Adjustment Credit (PVAC) – PVAC credit can be taken against personal or corporate income tax of the eligible taxpayer, beginning in the tax year in which construction of the project property is completed and ending in the 10th taxable year thereafter. This tax credit is refundable, up to $100,000 per project. 

    3.Potential for B&O Tax Exemption – To be determined by individual municipalities, authorized by an ordinance. 

    Projects eligible for the BUILD WV Act will meet the following criteria: 

    •Be located in a certified BUILD WV District, as designated by the Secretaries of Commerce, Economic Development, and Tourism (Much of Monongalia and Preston Counties are covered by a Build WV District. 

    •Generate approved costs in excess of $3,000,000 OR includes at least six residential units or houses 

    •Create a significant and positive economic impact on the state 

    •Will directly or indirectly improve opportunity in the area where the project will be located for the successful establishment or expansion of other commercial businesses 

    •Provide additional employment opportunities in the state 

    •Please read WV §5B-2L-16 for the entire list of approval considerations

    Pricing

    This event is free and open to the public. 

    Morgantown Area Partnership
    265 Spruce Street, Suite 100
    Morgantown, WV 26505 United States
    Please ring the corresponding door bell for the Morgantown Area Partnership at 265 Spruce Street for entry.
    Event Contact
    Erik Carlson
    (304) 292-3311 x2
    Send Email
    Wednesday, August 14, 2024 (2:00 PM - 3:00 PM) (EDT)
    Wednesday, August 14th from 2-3 PM.
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