By Toni Milbourne, The Journal
MARTINSBURG, W.Va. — A Lunch & Learn opportunity provided by the Berkeley County Development Authority brought Meghan Smith, manager, business and industrial development, West Virginia Department of Economic Development, to share information with builders, contractors and others interested in the Build WV Act.
Passed in 2022, the Build WV Act is geared to assist West Virginia’s growing communities in attracting much-needed housing development projects, especially in the area of middle-income housing. The act offers a state sales and use tax exemption for building materials and a 10-year property value adjustment refundable tax credit to offset building costs.
Smith told the group gathered that a revision to the act allows up to $150 million in overall costs of projects in any given fiscal year. The state fiscal year runs from July to June, she clarified.
Proposed projects must be located in an approved Build WV district, and Smith said that most areas in the state fall into one of the districts. Requirements for a building project would include that the project provide at least six housing units or generate costs in excess of $3 million; create a significant and positive impact on the state; directly or indirectly improve opportunity in the area where the project will be located for the successful establishment of other commercial businesses; and provide additional employment opportunities in the state.
