SB624

Extends the sunset date for tax modifications for qualified opportunity zone businesses in West Virginia.

West Virginia SB624 extends the sunset date for tax modifications for qualified opportunity zone businesses. The bill modifies personal and corporate income tax for businesses in designated opportunity zones, allowing a reduction in federal taxable income for a 10-year period starting from when the business first qualifies. The modification will terminate for taxable years beginning after January 1, 2024, unless extended by law. Businesses that qualify must be newly registered in West Virginia between January 1, 2019, and January 1, 2024, and not be a reorganization of an existing business.