The Dominion Post  
 

City looks to pass tax credit

Created on:   Tue, Feb 6, 2018   10:50 PM

Last modified:   Tue, Feb 6, 2018   10:50 PM

The Dominion Post

MORGANTOWN — Morgantown City Council passed the first reading of a law providing tax credits for new and expanding businesses during its regular Feb. 6 meeting.

The law would provide a tax credit worth 80 percent of a new or expanding development’s business and occupation (B&O) construction taxes as well as a diminishing credit on the business’s B&O privilege, or service, taxes starting at 80 percent the first year and dropping annually, down to 20 percent in year four, the final year of the credit.

In order to qualify, the businesses would need to be located or looking to develop in the city’s downtown business district, including the Wharf District, or a newly annexed area.

The version before council has a few minor changes from the draft ordinance previously discussed in that it lengthened the sunset provision for downtown development to five years (June 30, 2023), while the credits in annexed zones will end in 2019 without an extension from council.

Additionally, areas identified as desirable green space in the city’s comprehensive plan were removed from consideration and the boundaries for the downtown credit were extended, mainly to include more of the Wharf District and riverfront area.