SB627 modifies the Build WV Act by replacing the project cost cap with a cap on new tax credit liability, allowing smaller projects in rural areas.

SB627 amends the Build WV Act to replace the project cost cap with a cap on new tax credit liability. It allows for smaller projects in rural areas, provided they demonstrate a substantial positive economic or community impact. The bill requires periodic review and adjustment of the cap to reflect demand and usage. It also establishes a Build WV Credit Reserve Fund, which is adjusted annually to support the refundable portion of the property value adjustment tax credits.

SB627 modifies the Build WV Act by replacing the project cost cap with a cap on new tax credit liability, allowing smaller projects in rural areas.

SB627 amends the Build WV Act to replace the project cost cap with a cap on new tax credit liability. It allows for smaller projects in rural areas, provided they demonstrate a substantial positive economic or community impact. The bill requires periodic review and adjustment of the cap to reflect demand and usage. It also establishes a Build WV Credit Reserve Fund, which is adjusted annually to support the refundable portion of the property value adjustment tax credits.