West Virginia 2024 Regular Session

West Virginia House Bill HB4787

Introduced
1/16/24  

Caption

Relating to fees collected and deposited into the Affordable Housing Fund

Impact

The proposed bill enhances the financial framework surrounding the Affordable Housing Fund, potentially allowing for improved funding and support for housing initiatives within West Virginia. By increasing the fees, the bill seeks to generate additional revenue that will specifically target the state's affordable housing issues. Furthermore, a substantial portion of the excise tax collected will now remain with the counties, which may empower local authorities to allocate funds to address local housing needs effectively.

Summary

House Bill 4787 seeks to amend the existing West Virginia Code to increase the fees collected and deposited into the Affordable Housing Fund. Specifically, it introduces an additional $40 fee for sales of factory-built homes and adjusts the excise tax on the transfer of real property. The goal of the bill is to bolster the Affordable Housing Fund, providing necessary financial resources aimed at improving housing availability and affordability across the state. The collected fees are to be utilized strictly for housing developments, ensuring none of the funds are diverted for administrative costs.

Sentiment

Sentiments surrounding HB 4787 seem to reflect a general consensus on the importance of addressing affordable housing in West Virginia. Supporters of the bill view it as a crucial step towards enhancing financial investments in housing, advocating for its necessity in light of growing concerns regarding housing availability. However, there may exist concerns over the impact of increased fees on potential homebuyers and whether such fees may hinder property transactions due to heightened costs.

Contention

Notable points of contention could arise concerning the balance of financial responsibilities placed on homebuyers through increased fees and the implications for real estate transactions overall. Stakeholders may argue whether the benefits of these added costs justify the potential for dissuading home sales or constraining the housing market. There could also be discussions surrounding the governance of funds collected and ensuring adequate oversight so that the additional revenue directly translates into effective housing solutions rather than administrative expenditures.

Companion Bills

No companion bills found.

Previously Filed As

WV HB3005

Relating to accelerating the conversion of the state excise tax on the privilege of transferring real property into a county excise tax

WV SB522

Allocating percentage of county excise taxes for funding improvements to election administration

WV HB3389

Allocating a percentage of county excise taxes for improvements to election administration

WV HB3486

Allocating a percentage of county excise taxes received from transfers of title to real estate in each county for election administration improvements

WV HB3110

Relating to funding the Office of Oil and Gas in the Department of Environmental Protection

WV HB3450

Relating generally to racetrack video lottery and the Licensed Racetrack Modernization Fund

WV SB448

Providing funding for DEP Office of Oil and Gas

WV HB2939

Relating to filing of lien by municipalities for collection of refuse fees

WV SB595

Relating to real property, tax, and registration requirements associated with carbon offset agreements

WV HB3031

Eliminating West Virginia Greyhound Breeding Development Fund

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