SB 834
Relating to tax credit for qualified rehabilitated buildings investment
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- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill modifies West Virginia’s tax credit program for qualified rehabilitated buildings. It increases the credit percentage for buildings certified as historic structures after December 31, 2017, to 25% of rehabilitation expenditures, but with limitations on offsetting prior tax liabilities. The bill also allows for phased rehabilitations, permitting credits to be claimed as each phase is completed, subject to specific requirements and National Park Service guidance. It establishes a process for issuing tax credit certificates and outlines an application fee.
Key provisions
- Increases the tax credit for certified historic structures to 25% for rehabilitation expenditures after 2017.
- Authorizes phased rehabilitations, allowing credits to be claimed as each phase is completed.
- Requires a tax credit certificate from the state historic preservation officer for each completed phase.
- Establishes a process for issuing tax credit certificates and reviewing applications.
- Sets a fee for applications for tax credits, payable to the state historic preservation officer.
- Specifies that tax credits are available when the building is ‘placed-in-service’ as defined by the IRS.
- Requires a 60-month timeframe for submitting a completed historic preservation certification application after a phase advisory determination.
- Defines ‘qualified rehabilitated building’ based on the National Park Service standards.
Who is affected
- Building Owners
- Developers
- Historic Preservation Organizations
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