West Virginia SB1058 establishes Economic Freedom Zones to reduce taxes and regulations in distressed areas.

West Virginia SB1058, the Economic Freedom Zones Act, creates up to five Economic Freedom Zones in distressed areas, defined as census tracts with high unemployment and poverty rates. The bill mandates a 50% reduction in corporate and personal income tax rates for qualified taxpayers within these zones. It also requires state agencies to complete permit reviews within 30 days, with automatic approval if not met, and recognizes occupational licenses from other states.

West Virginia SB1058 establishes Economic Freedom Zones to reduce taxes and regulations in distressed areas.

West Virginia SB1058, the Economic Freedom Zones Act, creates up to five Economic Freedom Zones in distressed areas, defined as census tracts with high unemployment and poverty rates. The bill mandates a 50% reduction in corporate and personal income tax rates for qualified taxpayers within these zones. It also requires state agencies to complete permit reviews within 30 days, with automatic approval if not met, and recognizes occupational licenses from other states.