The goal of BUILD WV – short for Better United In Long-term Development WV – is to assist in the growth of communities across the state and to attract new housing development.
BUILD WV will offer up to three types of tax credits as incentives for housing developers, including a sales tax exemption for building materials, a 10-year property value adjustment refundable tax credit, and a potential municipal B&O exemption.
Cabinet secretaries from the state’s departments of economic development, commerce, and tourism will designate certified districts where housing needs are not being met. Then, developers will apply to the West Virginia Department of Economic Development for residential housing projects to be certified, 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 within a certified district 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 short on homes. So we needed to find a way to incentivize our builders to step up; to stimulate more home development,” Gov. Justice said. “That’s exactly what this bill is going to do. We don’t want to sit back. We need to be proactive. We need to show ourselves off. Then the people will follow.” |
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