If you moved out of West Virginia, you might be eligible for $25,000 in tax credits if you move back.
Key Details
- The West Virginia State Senate unanimously signed a bill on February 27 offering a one-time tax credit enticing individuals who left the state to move back.
- The bill is now awaiting approval from the House of Delegates before it moves to the governor’s desk.
- The tax credit is open for individuals who were born in the state of West Virginia or who worked in the state for 10 years and who move back. Once signed, the credit will be available through 2029.
Why It’s News
The rise of remote working has created a new more-mobile economy in the U.S., allowing millions of people to work in one state and live in a less expensive one. As we previously reported, this new status quo has empowered millions of Americans to feel confident in demanding remote work options and threatening to leave their jobs if bosses do not capitulate—although hundreds of companies have mandated a return to the office.
West Virginia has been working for several years to attract a new population, as it is the only state in the U.S. that has seen a population decrease since 1950. In response to a declining population, different programs have been created to attract new people to move into the state, with one such program from the Department of Tourism offering $12,000 in free passes to various outdoor attractions to new remote workers.
The decline in the state’s population is tied to the decline of local coal, steel, and manufacturing industries, ABC reports. West Virginia has proved to be a troubled state, currently suffering from one of the worst opioid epidemics in the country and facing a related HIV breakout due to intravenous drug sharing, Fortune notes.
West Virginia is just the most recent state to see the benefits of incentivizing new migrants and could benefit from a new population of wealthy mobile remote workers or returning former citizens.