Legislation to Add Incentives for West Virginia OZ Businesses Passes House
Legislation that would allow individuals and partnerships or members of limited liability companies to exempt from state tax liability their net income directly derived from a qualified opportunity zone (OZ) businesses in West Virginia passed the House this week. If enacted, H.B. 113 would go into effect for taxable years beginning Jan. 1, 2019, and will terminate for taxable years beginning Jan. 1, 2024. The bill now moves to the Senate, where similar legislation had previously passed.