West VirginiaLaw lets corporations subtract income from eligible zone businesses
Corporations with qualifying West Virginia opportunity zone businesses can subtract some business income when calculating state corporation income tax, subject to eligibility and time limits.
What it does
Corporations can subtract qualifying income when calculating West Virginia corporation income tax if it comes from an eligible business in a designated zone. The business must meet state registration and federal program rules.
Argument forEligible corporations could owe less West Virginia income tax on qualifying business income, leaving them more money for their work in the state.
Argument againstBusinesses formed by reorganizing an older business could be excluded, even when the new entity operates in a designated zone.
More detail
Corporations subtract qualifying income when calculating West Virginia corporation income tax. The subtraction covers ordinary income included in a corporation's federal taxable income from a qualifying business located in a federally designated low-income census tract in West Virginia. The business must be newly registered in West Virginia and federally designated as an opportunity zone business that serves as an investment of an opportunity fund. The provision applies to tax years beginning on or after January 1, 2019; the 2026 amendment applies back to tax years beginning on or after January 1, 2024. No new entitlement is authorized for tax years beginning on or after January 1, 2033, but eligible taxpayers may keep an existing entitlement for the rest of its 10-year period if they remain eligible.
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Where it stands
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Jun 29Chapter 115, Acts, Regular Session, 2026Latest
- Apr 1Approved by Governor Patrick Morrisey 4/1/2026Major
- Mar 25To Governor 3/25/2026To Governor
- Mar 14Approved by Governor Patrick Morrisey 4/1/2026 - House JournalMajor
- Mar 14Approved by Governor Patrick Morrisey 4/1/2026 - Senate JournalBecame Law
- Mar 14To Governor 3/25/2026 - Senate JournalMinor
- Mar 13House received Senate message
- Mar 12Completed legislative action
- Vote recorded Passage. Result: pass.Upper
- Mar 12Communicated to House
- Mar 12Passed Senate (Roll No. 490)Passed Senate
- Mar 12Read 3rd timeMinor
- Mar 12On 3rd reading
- Mar 11Read 2nd timeMinor
- Mar 11On 2nd reading
- Mar 10Read 1st timeMinor
- Mar 10Immediate consideration
- Mar 10Reported do passMinor
- Mar 4To FinanceMinor
- Mar 4To FinanceMinor
- Mar 4Introduced in SenateMinor
- Mar 3Communicated to Senate
- Vote recorded PASSAGE. Result: pass.Lower
- Mar 3Passed House (Roll No. 259)Passed House
- Mar 3Amendment rejected (Voice vote)Minor
- Mar 3Amendment reported by the Clerk
- Mar 3Read 3rd timeMinor
- Mar 3On 3rd reading with right to amend, Special Calendar
- Mar 2On 2nd reading, Special Calendar
- Feb 27By substitute, do pass
- Feb 12To House FinanceMinor
- Feb 12Committed to Finance on 2nd readingMinor
- Feb 12Read 2nd timeMinor
- Feb 12On 2nd reading, Special Calendar
- Feb 11Read 1st timeMinor
- Feb 11On 1st reading, Special Calendar
- Feb 10By substitute, do pass
- Jan 23To House Government OrganizationMinor
- Jan 23Introduced in HouseMinor
- Jan 23To Government OrganizationMinor
- Jan 23Filed for introductionIntroduced
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