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Will provide incentives to promote residential housing development in West Virginia
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CHARLESTON, WV – Today, Gov. Jim Justice hosted an event 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.”
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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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Through the Governor’s investments in tourism and the state’s rocket ship ride to prosperity seen in recent years, people are growing more excited than ever to visit and live in West Virginia.
From 2020-2021, net migration went up in West Virginia for the first time in decades. With over 2,000 people moving into the state, West Virginia is currently one of the top states in the entire nation that people are moving into, on a percentage basis.
The ceremony was held at the Charleston Coliseum & Convention Center to coincide with the West Virginia Home Show, hosted by the Home Builders Association of West Virginia (HBAWV), which is taking place this weekend, April 1-3, 2022.
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Also taking part in today’s ceremony was HBAWV President Steven Bailey.
“This is a great moment for West Virginians. The BUILD WV initiative will provide housing and infrastructure in areas of increasing economic development,” Bailey said. “We give our special thanks to Governor Justice, and we also thank both the West Virginia House of Delegates and the State Senate for the passage of this bill.”
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“West Virginia is one amazing place, that’s all there is to it,” Gov. Justice said. “We have the most pristine air and waters, we have four beautiful seasons, we’re within a rock’s throw of two-thirds of this nation’s population, our natural resources are saving the world right now.
“But the best thing we have is our people,” Gov. Justice continued. “All of our successes, we’ve done it together. We’ve shown the world just how good West Virginia truly is.
“I love this state so much, it’s unbelievable. I’m so proud of everyone. I thank the Legislature for all the good work they did to get this bill across the finish line. Now, we move forward building the foundation for our state’s future.”
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Babydog was also on-hand for Friday’s bill signing ceremony.
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Additional bill signings Friday
Earlier in the day, the Governor signed a pair of additional bills into law at the State Capitol.
House Bill 4499 will make the state purchasing process more efficient by modifying and updating outdated processes and requirements. This bill was also the result of a concept brought forth by the Governor in his State of the State address.
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The Governor also signed House Bill 4570, which will allow veterinary telehealth in West Virginia with out-of-state providers.
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