West Virginia is plagued with problems. Education scores are low. Coal and steel productions are down. And various other industries are dying. As a result, people are moving out of the state – and at a faster pace than other states. From 2010 to 2020, it lost 3.2 percent of its population – higher than any other state.
This isn’t the only problem. There have been so many long-term declines in its industries that the state now has fewer residents than it did in 1950.
Clearly, if the state is going to thrive, it needs more residents. Otherwise, they’re not going to be able to get the tax revenue they need.
West Virginia’s Senate came up with an idea that would lure some of its former residents back to the state. There will basically be a bribe. $25,000 is being waved at former residents in the form of tax credits if they move back to the state for work.
The bill was passed unanimously by the state Senate. Now, it sits with the House of Delegates, where it is also expected to pass with flying colors.
It’s not quite free money…but if you have lived in West Virginia, you have to decide if it’s worth it for you to move back. At this point, these are the requirements:
- Have lived in the state for at least 10 years or was born in the state
- Had to have lived outside of WV for at least 10 consecutive years
If you meet both of those conditions, the state would be ready to give you $25,000 in tax credits.
It’s an impressive amount of money, but it’s also not like it’s a check that you can use as you want. It’s a tax credit. And unused portions can be applied to future tax years, with the credit expiring in 2029.
Decent offer, but the state may need to think about boosting their industries and doing something about their education system first.
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