HB 4016
Historic Rehab Building Credit Act
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill creates the West Virginia Historic Rehabilitated Building Tax Credit Act, aiming to encourage the rehabilitation of historic buildings in the state. It establishes a centralized article within the state’s tax code to manage these credits, provides a sunset date for the current credits, and outlines procedures for claiming the credit, including requirements for certification by the West Virginia Department of Tourism and the National Park Service. The bill also includes provisions for recapture of the credit and defines related terms, while addressing potential issues related to phased rehabilitation projects.
Key provisions
- Creates a new article in the West Virginia Code dedicated to historic rehabilitation tax credits.
- Establishes a 25% tax credit for certified historic structures and a 25% credit for residential certified historic structures, subject to specific criteria.
- Defines key terms such as ‘certified historic structure,’ ‘qualified rehabilitation expenditures,’ and ‘historic preservation application.’
- Outlines procedures for claiming the credit, including requirements for submitting a completed rehabilitation project certification.
- Includes provisions for recapture of the credit in cases of non-compliance or failure to meet certification requirements.
- Addresses phased rehabilitation projects with specific guidelines for claiming credits in stages.
- Allows for the transfer and sale of unused tax credits, subject to certain conditions.
- Establishes a sunset date for the current historic rehabilitation credits.
Who is affected
Sponsors
Official sponsors from legislative records.
Primary sponsor
Hanshaw (Mr. Speaker)
Cosponsor
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