HB 3492 — Relating to municipal economic opportunity development districts.

WEST VIRGINIA LEGISLATURE REGULAR SESSION ENGROSSEDENROLLED House Bill 3492 ByBY DelegatesDELEGATESR Rohrbach,OHRBACH, Criss,CRIS, HanshawANSHAW (Mr.(M R.

Speaker),SPEAKER), Amos,MOS, Lucas,UCAS Riley,, andILE,AND HornbuckleHORNBUCKLE [Introduced[Passed MarchApril 18,12, 2025;

Referredin toeffect the90 Committeedays onfrom Finance]passage Eng(July 11, 2025)] Enr HB 3492 AAN BILLACT to amend and reenact §8-38-9 of the Code of West Virginia, 1931, as amended, relating to authorizing the City of Huntington to levy a special district excise tax for the benefit of the City of Huntington Economic Opportunity Development District.District;

requiring City of Huntington to comply with requirements to hold a public hearing, submit a certain application, and receive approval as required by law;

and requiring jurisdictions authorized to levy special excise tax to file a detailed annual report.

Because a special district excise tax would have the effect of diverting, for a specified period of years, tax dollars which to the extent, if any, are not essentially incremental to tax dollars currently paid into the General Revenue Fund of the state, the Legislature finds that in order to Enr HB 3492 substantially ensure that such special district excise taxes will not adversely impact the current level of the General Revenue Fund of the state, it is necessary for the Legislature to separately consider and act upon each and every economic development district which is proposed, including Eng HB 3492 the unique characteristics of location, current condition and activity of and within the area included in such proposed economic opportunity development district and that for such reasons a statute more general in ultimate application is not feasible for accomplishment of the intention and purpose of the Legislature in enacting this article.

— The Legislature authorizes the following municipalities to levy special district excise taxes on sales of tangible personal property and services made from business locations in the following economic opportunity development districts.:districts:

(2) The City of Huntington may levy a special district excise tax for the benefit of the City of Huntington Economic Opportunity Development District which comprises 146 acres of land.land, subject to holding public hearing as provided in §8-38-6 of this code, submitting the application required by §8-38-6 and §8-38-7 of this code, and obtaining the approval of the West Virginia Division of Economic Development as provided in §8-38-7 of this code.

(c) Annual Reports.

— Notwithstanding any other provision of this code to the contrary, any jurisdiction that imposes a special district excise tax shall compile and issue an annual report for eachfiscal yeof operation, such year beginning on July 1 and ending on June 30.

The annual Enr HB 3492 report shall be issued on or before the next succeeding December 31 after the clofiscaleach year.

(1) The annual report shall be filed with the Governor, the Secretary of Commerce, the Secretary of Revenue, and the Joint Committee on Government and Finance.

(2) The annual report shall set forth in detail the following information:

(A) The amount of special district excise tax collected during the fiscal year;

(B) The total assessed value of all property located in the district at the inception of the district;

(C) The total assessed value of all property for the most recent property tax year in the district;

(D) A list of all businesses operating in the special district during the report year;

(E) The amount of indebtedness attributed to the sales tax increment financing project;

(F) The date of maturity for debts and annual amortization payment schedules for debt financed with the sales tax increment financing project;

(G) The projected date for retirement of all debt financed with the sales tax increment financing project;

(H) The projected date of dissolution of the special district.

Enr HB 3492 The Clerk of the House of Delegates and the Clerk of the Senate hereby certify that the foregoing bill is correctly enrolled.

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Clerk of the House of Delegates ...............................................................

Clerk of the Senate Originated in the House of Delegates.

In effect 90 days from passage.

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Speaker of the House of Delegates ...............................................................

President of the Senate __________ The within is ................................................

this the...........................................

Day of ..........................................................................................................., 2025.

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Governor 5