Legislation Re-Introduced to Add Incentives for West Virginia OZ Businesses

Tuesday, May 21, 2019 - 11:45am

Legislation was re-introduced this week in a special session of the West Virginia Legislature 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 the state. H.B. 113 is a variation on legislation that Gov. Jim Justice vetoed earlier this year for technical considerations. 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 new legislation failed to get enough support to suspend state constitutional rules requiring it be read on three separate days, delaying a vote.