This bill proposes amendments to the existing law regarding the credit for qualified rehabilitated buildings investment in West Virginia. It introduces a new provision that allows a 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. The bill also stipulates 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 establish 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 rehabilitation. 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, starting July 1, 2025. The bill also establishes an application fee for tax credits and mandates that the state historic preservation officer review applications within 30 days. Overall, the bill aims to enhance the incentives for rehabilitating historic buildings in West Virginia.

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