West Virginia Creates Disaster Repair, Recovery Tax Credit

The West Virginia Governor signed a law establishing a disaster repair and recovery effort tax credit. The law includes: 1) providing a tax credit against the severance and business privilege tax, with certain limitations; 2) providing an allowable credit amount of $500,000 for expenditures for each disaster; and 3) providing that the allowable credit may be taken against up to 20 percent of a taxpayer’s annual severance tax liability, with certain exceptions. The law takes effect on June 12. [S.B. 243, enacted 04/01/26]

This story was produced by Bloomberg Tax Automation, and edited by Bloomberg Tax staff.