HB 2828 — Relating to Qualified Opportunity Zones

HB2828HB S2828 FINText AMskip #2828navigation 3-5SENATE Nichols PRESIDENT  SENATORS TheCOMMITTEES CommitteeVIDEO/AUDIO onDISTRICT FinanceMAPS movedSENATE toCLERK amendSENATE theRULES billHOUSE bySPEAKER strikingDELEGATES outCOMMITTEES everythingVIDEO/AUDIO afterDISTRICT theMAPS enactingHOUSE clauseCLERK andHOUSE insertingRULES inHOUSE lieuSTAFF thereofJOINT theINTERIM following:COMMITTEES LEGISLATIVE ADMINISTRATOR LEGISLATIVE SERVICES DIVISION PUBLIC INFORMATION LEGISLATIVE AUTOMATED SYSTEMS DIVISION LEGISLATIVE AUDITOR'S OFFICE PERFORMANCE EVALUATION & RESEARCH DIVISION POST AUDIT DIVISION BUDGET DIVISION REGULATORY AND FISCAL AFFAIRS DIVISION CLAIMS COMMISSION CRIME VICTIMS RULE-MAKING REVIEW SPECIAL INVESTIGATIONS JUDICIAL COMP.

CHAPTERCOMMISSION 11.JOINT RULES STAFF INFO BILL STATUS BILL STATUS BILL TRACKING STATE LAW WEST VIRGINIA CODE ACTS OF THE LEGISLATURE CODE OF 1931 WV CONSTITUTION US CONSTITUTION REPORTS AGENCY REPORTS AGENCY GRANT AWARDS PERFORMANCE EVALUATIONS POST AUDITS EDUCATIONAL CITIZEN’S GUIDE INTERNSHIP PROGRAM PAGE PROGRAM PUBLICATIONS PHOTO GALLERY CAPITOL HISTORY HOW A BILL BECOMES LAW CONTACT SENATE ROSTER HOUSE ROSTER PUBLIC INFO.

TAXATION.NEWS RELEASES HELPFUL LINKS Enrolled Version - Final Version « House Bill 2828 History OTHER VERSIONS  —  Introduced Version - Originating in Committee  |  Enrolled Version - Final Version  |   |  Email Key:

Green = existing Code.

Red = new code to be enacted WEST virginia legislature regular session ENROLLED House Bill 2828 (By Delegates Higginbotham, Queen, Skaff, Atkinson, C.

martin, Nelson, Toney, Waxman, Capito, Lovejoy and Hicks) [Passed March 9, 2019;

in effect ninety days from passage.] AN ACT to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section designated §11-21-12j;

and to amend said code by adding thereto a new section, designated §11-24-6b;

and to amend said code by adding thereto a new article, designated §31-15D-1, §31-15D-2, §31-15D-3, §31-15D-4, §31-15D-5, §31-15D-6, and §31-15D-7;

and to amend said code by adding thereto a new section, designated §33-3-14e;

all relating to promoting investment and business growth in low-income communities in West Virginia;

providing title;

defining terms;

providing for transferability;

certification of qualified equity investment;

providing for recapture of tax credits;

requiring notice of noncompliance;

letter rulings;

new capital requirement;

reporting;

providing penalty for job creation underperformance;

establishing amount of credit allowed;

providing mechanism to exempt corporate net income tax and personal income tax for new businesses in Qualified Opportunity Zones located in West Virginia;

providing effective date;

authorizing rulemaking in Commissioner.

Be it enacted by the Legislature of West Virginia:

(2) “Qualified Opportunity Zone” means “Qualified Opportunity Zone” as that term is defined in 26 U.S.C.

(2) “Qualified Opportunity Zone” means “Qualified Opportunity Zone” as that term is defined in 26 U.S.C.

(4) “Applicable percentage” means zero percent of the qualified equity investment for the first threetwo credit allowance datesdates, five percent of the qualified equity investment for the third credit allowance date, and 15ten percent of the qualified equity investment for each of the nextfinal four credit allowance dates;

(7) “Full-time equivalent employee” means the quotient obtained by dividing the total number of hours for which employees were compensated for employment over the preceding 12 month period by 2,080;

(A) The product of the amount of qualified equity investment authority certified and 6045 percent;

 (6) A business plan that includes a revenue impact assessment projecting state and local tax revenue to be generated by the applicant's proposed qualified low-income community investments prepared by a nationally recognized third-party independent economic forecasting firm using a dynamic economic forecasting model that analyzes the applicant's business plan over the 10 years following the date the application is submitted to the authority;

The authority shall deny an application if the business plan submitted with the application does not project revenue neutrality against the proposed tax credit utilization or if the applicant does not submit affidavits committing to the allocations equal to 6045 percent of the amount of qualified equity authority requested.

The qualified community development entity must provide the authority with evidence of the receipt of the cash investment and designation as a federal qualified equity investment, if applicable and the allocation of tax credits to insurance companies that submitted affidavits in the qualified community development entity’s application at least equal to 6045 percent of the amount of qualified equity investment authority certified by the authority, within one calendar year and five days of the applicant receiving notice of certification.

(1) “Applicable percentage” means zero percent of the qualified equity investment for the first threetwo credit allowance datesdates, five percent of the qualified equity investment for the third credit allowance date, and 15ten percent of the qualified equity investment for each of the nextfinal four credit allowance dates;

(2) (2) “Credit allowance date” means with respect to any qualified equity investment:

(3) The qualified community development entity fails to invest an amount equal to 100 percent of the purchase price of the qualified equity investment in qualified low-income community investments in West Virginia within 24 months of the issuance of the qualified equity investment and maintain that level of investment in qualified low-income community investments in West Virginia until the last credit allowance date for the qualified equity investment.

(f) In rendering letter rulings and making other determinations under this section, to the extent applicable, the Insurance Commissioner shall look for guidance in 26 U.

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