The West Virginia departments of Commerce, Economic Development and Tourism have approved Huntington and large portions of Cabell and Wayne counties as a BUILD WV District, clearing the way for city officials to partner with developers to create new housing opportunities for residents.
In 2022, the West Virginia Legislature approved the BUILD WV Act, which aims to assist West Virginia’s growing communities in attracting much-needed housing development projects. The legislation offers a State Sales and Use Tax exemption for building materials, tangible personal property and services by a construction contractor or subcontractor and a 10-year property value adjustment refundable tax credit to offset building costs.
Housing development projects eligible for the tax exemption and credit must be located within a BUILD WV District and either generate approved costs in excess of $3 million or include at least six residential units or houses.
The BUILD WV District that the state approved for Huntington encompasses Huntington city limits as well as any qualified housing development project in West Virginia that is located within 20 square miles of Huntington.
There also are tax incentives available to contractors building or renovating single-family homes for first-time home buyers in Huntington city limits. Mayor Steve Williams proposed and Huntington City Council approved the incentives in 2019. The incentives exempt business and occupation taxes on the contractor’s construction or renovation costs up to $200,000.
Additionally, for residential construction projects exceeding $5,000,000 (including land-acquisition costs), and creating 20 new jobs, a city B&O tax credit of 50 percent for all construction expenses is available for developers if the project meets additional guidelines.
Developers may contact Shannon Stephens, HOME Program Manager for the City of Huntington's Department of Development, at 304-696-5540, Ext. 2103 or email stephenss@huntingtonwv.govto discuss prospective projects.
For more information about the BUILD WV Act and BUILD WV districts, visit https://westvirginia.gov/build-wv-act/.
RESOURCES
Information about the BUILD WV Act and BUILD WV districts
2024 Housing Needs Assessment for Huntington
B&O Tax Reduction Application for New Construction
B&O Tax Reduction Application for Certain Businesses
Contractors and Subcontractors Tax Incentive for Single-Family Home Construction & Renovation