Gov. Justice signs BUILD WV Act into law - WDTV

The goal of BUILD WV is to assist in the growth of communities across the state and to attract new housing development.

BRIDGEPORT, W.Va (WDTV) - Gov. Jim Justice hosted an event on Friday at the Charleston Coliseum & Convention Center to ceremonially sign House Bill 4502, also known as the BUILD WV Act, into law.

The bill was the result of the concept brought forth by Gov. Justice during his State of the State address earlier this year. It will provide incentives to promote development of residential housing properties for the betterment and well-being of the people of West Virginia.

“This is an absolutely terrific bill and it’s an honor to be able to sign it with you today,” Gov. Justice said. “There are so many good things happening in West Virginia right now. People want to come and see what we have to offer. So we need to be ready for them. We need to build.”

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.

According to Justice, 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.”

Other bills that were signed include House Bill 4499, which will make the state purchasing process more efficient by modifying and updating outdated processes and requirements and House Bill 4570, which will allow veterinary telehealth in West Virginia with out-of-state providers.

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source: https://www.wdtv.com/2022/04/04/gov-justice-signs-build-wv-act-into-law/

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