HB4245

What it does

• Allows the Tax Division to write rules for tax credits on vehicles for low-income workers, timberland valuation, natural gas manufacturing investments, high-wage growth businesses, commercial patent incentives, online bingo and raffles, soft drinks taxes, income tax credits for property taxes paid, preneed cemetery companies, public utility property valuation.
• Permits the Insurance Commission to set rules for fingerprinting license applicants, premium financing for life insurance for college students, mass marketing of property and liability insurance, advertising accident and sickness insurance, insurance adjusters, holding company systems, credit for reinsurance, and mental health parity.
• Authorizes the Alcohol Beverage Control Administration to update rules requiring proof of age 21 or older before selling alcohol, including specific requirements for using WV Mobile ID with approved reader applications.
• Gives the Division of Financial Institutions power to create rules for residential mortgage lenders, brokers, and loan originators; bank communication terminals; joint accounts; and a Fintech Regulatory Sandbox Program.
• Enables the Lottery Commission to write rules about interactive wagering.