SB 450
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 creates a tax credit to encourage the rehabilitation of historic buildings in West Virginia. It establishes a new article in the West Virginia Code outlining the ‘West Virginia Historic Rehabilitated Building Tax Credit Act.’ The credit is available for both residential and non-residential certified historic structures, with different percentages offered depending on whether the building is certified as residential. The bill includes provisions for defining key terms, procedures for claiming the credit, recapture of the credit, and a sunset date for the current rehabilitation credits. It also modifies existing tax sections to allow the credit to be applied.
Key provisions
- Establishes a 25% tax credit for certified historic structures and a 25% credit for residential certified historic structures.
- Defines ‘certified historic structure’ and ‘qualified rehabilitated building’ based on National Park Service designations.
- Requires rehabilitation projects to meet the Secretary of the Department of the Interior standards and be reviewed by the West Virginia Division of Culture and History.
- Includes provisions for phased rehabilitation projects and a process for claiming credits in stages.
- Establishes a recapture mechanism for the credit if requirements are not met.
- Sets a sunset date for the current rehabilitation credits, effective June 30, 2026.
- Modifies existing tax sections to allow the credit to be applied against personal and corporate income taxes.
- Requires a Part 3 – Request for Certification of Completed Work submission to qualify for the credit.
Who is affected
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