Incentives Enacted for Land Stewardship Corporation
Effective July 12, 2013, corporate income tax, property tax, and sales tax incentives are enacted for the West Virginia Land Stewardship Corporation (corporation). The corporation is a nonstock, nonprofit corporation that will work to facilitate the redevelopment of former commercial, industrial and mining properties subject to federal and state regulations because of contamination or pollution discharge.
The corporation is exempt from all income taxes, except that the corporation is required to comply with employer withholding tax requirements. The corporation is also exempt from sales and use taxes, business and occupation taxes, and all other taxes imposed by a county commission, a municipal corporation or other unit of local government.
The enacted law also provides that the property of the corporation is exempt from all taxation by the state or any of its political subdivisions. Property owned and leased by the corporation or a commercial lessee or an industrial lessee is tax-exempt and held by the corporation for a public purpose. A payment in lieu of taxes, payable by the lessee, is established for any property so leased, in an amount not less than the property tax otherwise payable on the property. The lessee’s leasehold interest therein is a tax-exempt leasehold interest held for a public purpose so long as the payment in lieu of taxes is timely paid. H.B. 2590, Laws 2013, effective as noted.