This bill aims to amend the existing provisions regarding the credit for qualified rehabilitated buildings investment in West Virginia. It introduces a new credit against both the corporation net income tax and the insurance premium tax for certified historic structures, increasing the credit from 10% to 25% for qualified rehabilitation expenditures made after December 31, 2017, under certain conditions. The bill also establishes that taxpayers must not be in arrears on any taxes to qualify for this credit and outlines the procedural rules that the Tax Commissioner must follow to ensure compliance.

Additionally, the bill allows for phased rehabilitations of certified historic structures, enabling owners to claim tax credits for each completed phase of a project. It specifies that tax credits will be available for the year the qualified rehabilitated building is placed in service, or for each phase in the case of phased projects. The state historic preservation officer is tasked with issuing tax credit certificates and managing application fees, which will be used to support the administration of these provisions. Overall, the bill seeks to enhance the incentives for rehabilitating historic buildings in West Virginia.

Statutes affected:
Introduced Version: 11-24-23a