CHARELSTON, W.Va. – House Bill 2695 introduced by Delegate Jordan Maynor (R-Raleigh) look to create a tax incentive for those looking to host a business inside a designated portion of Raleigh County.
The bill would allow the Raleigh County Commission to levy a special district excise tax “for the benefit of the Raleigh County Economic Opportunity Development District ”. The area is approximately 1,600 acres of land
Similar special district excise taxes have already been implemented in the mountain state. For example, a development district in Mercer County named “The Ridges” has already been approved.
Delegate Maynor helped The Ridges secure its designation.
“The way these taxing districts work is anytime there’s development the taxes get to remain in Mercer County for this project and for the growth of this project. It’s really a great financing tool and that’s why we did this today,” said Del. Maynor.
Similarly in Raleigh County Maynor’s goal is economic development for the area.
The bill was passed out of the House Finance Committee today and will have its first reading tomorrow.
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