HB 5389
Veterans Housing Redevelopment Tax Credit Act
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- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill creates a transferable tax credit to encourage the redevelopment of existing buildings, such as hotels and motels, into permanent or transitional housing for homeless veterans in West Virginia. The credit, worth 30% of qualified redevelopment costs, can be sold or transferred to other taxpayers, incentivizing private sector investment without requiring state funding. Nonprofit organizations undertaking these projects would be eligible to receive the credit.
Key provisions
- Creates a transferable tax credit for eligible nonprofits.
- The credit is equal to 30% of qualified redevelopment costs.
- Eligible projects must convert or rehabilitate existing hotels, motels, or commercial buildings.
- Projects must provide supportive services to veterans, including case management and employment assistance.
- The credit can be applied against corporation net income tax, personal income tax, and business franchise taxes.
- Unused credits can be carried forward for up to 10 years.
- The West Virginia Department of Revenue will administer the program and establish rules for credit transfer.
- Projects must remain veterans housing for a minimum of 15 years.
Who is affected
- Nonprofit organizations
- Homeless veterans
- Taxpayers
- West Virginia Department of Revenue
- Developers of underutilized commercial properties
Notable changes
Sponsors
Official sponsors from legislative records.
Primary sponsor
G. Howell
Cosponsors
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