This bill amends the Code of West Virginia to enhance the tax credit available for investments in qualified rehabilitated buildings under the corporation net income tax. Specifically, it establishes a credit of 10 percent for certified historic structures, increasing to 25 percent for qualified rehabilitation expenditures made after December 31, 2017, provided that certain conditions are met, including the timely payment of taxes. The bill also allows for phased rehabilitations, enabling property owners to claim credits for each completed phase of a rehabilitation project, contingent upon receiving a written tax credit certificate from the state historic preservation officer.

Additionally, the bill introduces new provisions regarding the issuance of tax credit certificates, stating that all tax credits allocated through these certificates will be available for the year the qualified rehabilitated building is "placed-in-service." It also specifies an application fee structure for tax credits, which is capped at $10,000 or 0.5% of the requested tax credits, and mandates that the state historic preservation officer review applications within 30 days. The fees collected will be deposited into a special revenue account to support the administration of these tax credit provisions.

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