This bill proposes the addition of a new section, 11-24-11c, to the Code of West Virginia, which establishes a tax credit for eligible taxpayers who incur costs to obtain certifications from the United States Green Building Council's Leadership in Energy and Environmental Design (LEED) or the Green Globes Building Initiative. The credit is designed to incentivize renovations and improvements to commercial buildings that meet these green building standards. The bill outlines the definitions of key terms, including "eligible taxpayer" and "cost to become certified," and specifies that the credit amount will equal the taxpayer's renovation costs, minus any reimbursements received.

Additionally, the bill details the application process for claiming the credit, including the requirement for a written application to be filed with the Tax Commissioner, and stipulates that the credit can be applied against corporation net income taxes and personal income taxes. It also includes provisions for the carryover of unused credits, the implications of ceasing commercial operations, and the recapture of credits if certification is not maintained. The tax credit will be effective for tax years beginning on or after January 1, 2025.

Statutes affected:
Introduced Version: 11-24-11c