Extends the Qualified Opportunity Zones in West Virginia until July 1, 2032.

This bill extends the Qualified Opportunity Zones in West Virginia until July 1, 2032. It modifies the federal taxable income for qualified opportunity zone businesses, allowing a 10-year period of benefits starting from the first full taxable year the business qualifies. The bill also defines "newly registered business" and "reorganization of an existing business," ensuring that only businesses formed or reorganized after January 1, 2019, and before July 1, 2032, are eligible. The Tax Commissioner has the authority to propose rules to implement these provisions.

Extends the Qualified Opportunity Zones in West Virginia until July 1, 2032.

This bill extends the Qualified Opportunity Zones in West Virginia until July 1, 2032. It modifies the federal taxable income for qualified opportunity zone businesses, allowing a 10-year period of benefits starting from the first full taxable year the business qualifies. The bill also defines "newly registered business" and "reorganization of an existing business," ensuring that only businesses formed or reorganized after January 1, 2019, and before July 1, 2032, are eligible. The Tax Commissioner has the authority to propose rules to implement these provisions.