West Virginia Code 5B-2L-15 – Project administration and certification
(a) The Department of Economic Development has the following powers and duties necessary to carry out the purposes of this article, including, but not limited to:
Terms Used In West Virginia Code 5B-2L-15
- Approved company: means any eligible company approved by the Department of Economic Development pursuant to this article seeking to undertake a project. See West Virginia Code 5B-2L-3
- certification: means the action taken by the Secretary of the Department of Economic Development to certify a BUILD WV project. See West Virginia Code 5B-2L-3
- Common areas: means , but is not limited to, lawns, roads, streets, alleys, sidewalks, parks, waterways, driveways, stairways, hallways, lobbies, corridors, sidewalks, parking lots, parking garages, community swimming pools, community laundry facilities, elevators, roofs, maintenance buildings, maintenance facilities, stairways, lobbies, corridors, and other property available for common use by all tenants and groups of tenants and their invitees. See West Virginia Code 5B-2L-3
- Department of Economic Development: means the West Virginia Department of Economic Development established under the provisions of §. See West Virginia Code 5B-2L-3
- eligible taxpayer: means any approved company:
(i) That has made qualified investment in certified BUILD WV project property or any group of multiple party project participants that has made qualified investment in certified BUILD WV project property. See West Virginia Code 5B-2L-3
- Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. Source: OCC
- Fraud: Intentional deception resulting in injury to another.
- Infrastructure: means , and is limited to, the real and tangible personal property located in a project that is directly used in, and necessary for, providing broadband internet access, electricity, water, natural gas, sewer service, sewage treatment service, rubbish disposal, and other utility services for residential units within a certified BUILD WV project. See West Virginia Code 5B-2L-3
- Person: means and includes any natural person, corporation, limited liability company, flow-through entity, or partnership. See West Virginia Code 5B-2L-3
- project: means BUILD WV project that has received the certification of the Department of Economic Development in accordance with this article, and for which certification remains current and in effect. See West Virginia Code 5B-2L-3
- Taxpayer: means any person subject to the taxes imposed under §. See West Virginia Code 5B-2L-3
(1) To issue approval of and certify all applications for projects and enter into agreements pertaining to certified BUILD WV projects with approved companies;
(2) To employ fiscal consultants, attorneys, appraisers, and other agents as the Secretary of the Department of Economic Development finds necessary or convenient for the preparation and administration of agreements and documents necessary or incidental to any project;
(3) To impose and collect fees and charges in connection with any transaction;
(4) To impose and collect from the applicant a nonrefundable application fee in the amount of $5,000 to be paid to the Department of Economic Development when the application is filed;
(5) To issue approval of and certify all certified BUILD WV project residential housing units; and
(6) To decertify, refuse to certify or revoke certification of any proposed or certified BUILD WV project, upon a finding that any person or entity involved therein, or any approved company, or any eligible taxpayer, has failed to comply with the requirements of this article, or upon a finding that residential housing units, common areas or infrastructure of a certified BUILD WV project have been constructed with shoddy workmanship or materials, or that the approved company or eligible taxpayer has failed to maintain or repair certified BUILD WV project property in a manner consistent with accepted standards or standards prescribed by the Department of Economic Development, or that any aspect of the undertaking has been the result of, or involved, fraud, malfeasance, bribery, embezzlement, corruption, intimidation or gross misconduct. Upon revocation, all tax credit authorized under this article shall be null and void and of no further force, or effect. No company, entity, or person shall apply or use any tax credit to offset tax on or after the date of revocation. The Tax Commissioner may apply credit recapture, and tax assessment and collection actions as may be appropriate under the West Virginia Tax Procedure and Administration Act and may seek criminal sanctions, as appropriate, under West Virginia Tax Crimes and Penalties Act.