HB 3486
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 creates a tax credit for investments in rehabilitating certified historic buildings in West Virginia. The credit is 10% for certified historic structures and 25% for qualified rehabilitation expenditures made after December 31, 2017. Phased rehabilitations are permitted, and tax credits can be claimed for completed phases, subject to certain requirements and a 60-month deadline for submitting a final certification. The credit is available for both residential and non-residential buildings designated as ‘certified historic buildings’ by the National Park Service.
Key provisions
- Provides a 10% tax credit for certified historic structures.
- Provides a 25% tax credit for qualified rehabilitation expenditures after December 31, 2017.
- Allows for phased rehabilitation projects with sequential tax credit claims.
- Requires a 60-month timeframe for submitting final certification for phased rehabilitations.
- Specifies requirements for the application process and issuance of tax credit certificates.
- Establishes a fee for tax credit applications.
- Requires the state historic preservation officer to prescribe application forms and instructions.
- Defines ‘certified historic building’ as a building designated by the National Park Service.
Who is affected
- Corporations
- Property Owners
- Historic Preservation Organizations
- Developers
- West Virginia Residents
Notable changes
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