WEST VIRGINIA LAND STEWARDSHIP CORPORATION -
Enrolled Com. Sub for H. B. 2590. -
Enrolled Com. Sub. For H. B. 2590 (hereinafter HB 2590) ) – to be known as the West Virginia Land Stewardship Act -- passed the West Virginia Legislature on April 13, 2013, was signed by Governor Earl Ray Tomblin on April 29, 2013, and takes effect July 12, 2013.
This bill authorizes creation of a special purpose nonprofit corporation under the West Virginia Nonprofit Corporation Act, W. Va. Code § 31E-1-1 et seq., to be known as the West Virginia Land Stewardship Corporation. The corporation is required to apply to the Internal Revenue Service for a determination that it is exempt from federal income taxes under Section 501(c (3) of the Internal Revenue Code of 1986, as amended. The corporation is exempt from state and local taxes. The corporation’s board of directors consists of 13 members: 11 of whom are appointed by the Governor,1 one ex officio member appointed by the President of the Senate, and one ex officio member appointed by the Speaker of the House of Delegates.
The corporation is required to establish a voluntary land stewardship program and a voluntary state certified sites program. Additionally, the corporation may establish a voluntary land bank program.
Please see full publication below for more information.
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Topics: Contaminated Properties, Exempt Organizations, Non-Profits, Property Valuation, State and Local Government, Tax Exemptions
Published In: Environmental Updates, Nonprofits Updates, Zoning, Planning & Land Use Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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