HB 5262
Providing a tax credit for obtaining certain certifications by the United States Green Building Council Leadership in Energy and Environmental Design green building rating system
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill proposes a tax credit for West Virginia businesses and property owners who obtain certifications from the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) green building rating system or the Green Globes Building Initiative. The credit is for the cost of renovations and improvements made to a building to achieve certification, with specific rules and requirements outlined. It also establishes a process for claiming the credit and carries forward unused credits for up to three years.
Key provisions
- Provides a tax credit for renovations and improvements to buildings to achieve LEED or Green Globes certification.
- Defines ‘eligible taxpayer’ as the owner of a commercial building.
- Establishes a credit amount equal to the cost of renovations, less any prior reimbursements.
- Allows for the carryover of unused credits for up to three years.
- Requires an application to the Tax Commissioner, including certification documentation.
- Specifies how the credit is applied to different types of taxes (net income tax, franchise tax, and personal income tax).
- Outlines procedures for transferring credits to successors and ceasing operation.
- Creates a recapture tax for failing to maintain certification.
Who is affected
- Businesses operating in West Virginia
- Property owners in West Virginia
- Commercial building owners
- Taxpayers
- The West Virginia Tax Commissioner
Notable changes
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