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Tags: westvirginia | population | migration | taxcredits

West Virginia Floats $25K in Tax Credits for Ex-Residents to Move Back

By    |   Monday, 27 February 2023 06:21 PM EST

The West Virginia Senate unanimously passed legislation Monday that would potentially provide $25,000 in tax credits — if former residents move back to the state to work.

According to the bill, those who lived and worked in West Virginia for at least a decade, or were born within state boundaries, are eligible for the tax credit.

Additionally, the individuals would have had to move outside West Virginia for a decade, but also be official residents again as of Jan. 1, 2024.

"West Virginia is enjoying low unemployment rates and seeks the return of West Virginians who have been gone because they, or their family members, felt the need to pursue employment opportunities outside of the state," the bill read.

Any unused portions of the credit, which expire in 2029, can be used to apply to future tax years until that date. However, the bill details the total amount of the credit claimed by an eligible taxpayer may not exceed $25,000, and carrybacks are prohibited.

The West Virginia Tax Commissioner has also been given the authority to "create forms and require the submission of documentation" from taxpayers who claim the entitlement.

The bill is now headed to the Republican-controlled House of Delegates.

West Virginia officials have attempted several methods over the last couple of years to stimulate immigration to the state, The Associated Press noted back in 2021.

One program: The state's Department of Tourism offering $12,000 and free passes to remote workers for whitewater rafting, golf, rock climbing, horseback riding, skiing, and ziplining — if they move to the state.

The entire relocation package has an approximate value of $20,000 and aims to encourage new migration to West Virginia aimed at offsetting drastic population losses.

"We want to give folks the opportunity to escape big cities," West Virginia Tourism Secretary Chelsea Ruby told AP. "In West Virginia, there are no crowded places, long commutes, or traffic jams. There's just plenty of places to put down roots and explore the great outdoors."

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The West Virginia Senate unanimously passed legislation Monday that would potentially provide $25,000 in tax credits — if former residents move back to the state to work.
westvirginia, population, migration, taxcredits
329
2023-21-27
Monday, 27 February 2023 06:21 PM
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