HB 3457
Relating to credit for qualified rehabilitated buildings investment
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- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill modifies the existing tax credit for qualified rehabilitated buildings in West Virginia. It increases the credit percentage to 25% for rehabilitation work completed after December 31, 2017, and allows for phased rehabilitations, with tax credits claimed as each phase is completed and certified. The bill also establishes a process for issuing tax credit certificates and requires an application fee.
Key provisions
- Increases the credit percentage for rehabilitation work completed after December 31, 2017, to 25%.
- Authorizes phased rehabilitations, allowing credits to be claimed as each phase is completed and certified.
- Establishes a process for issuing tax credit certificates by the State Historic Preservation Officer.
- Requires an application fee for tax credit applications.
- Specifies that the credit is available for both residential and non-residential buildings designated as ‘certified historic buildings’ by the National Park Service.
- Sets a timeframe of 60 months for submitting a completed historic preservation certification application to avoid recapture of tax credits.
- Defines ‘substantial rehabilitation’ for purposes of claiming credits.
- Requires the Tax Commissioner to promulgate procedural rules for claiming the tax credit.
Who is affected
- Property owners
- Developers
- Historic preservation organizations
- The State Historic Preservation Office
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