This bill amends the Code of West Virginia to establish a tax credit for investments in qualified rehabilitated buildings under the corporation net income tax. The credit for certified historic structures is set at 10% of qualified rehabilitation expenditures, increasing to 25% for expenditures made after December 31, 2017, provided that certain conditions are met, including the taxpayer not being in arrears on any taxes. The bill also allows for phased rehabilitations, enabling owners to claim credits for each completed phase of a 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 will be available for the year the qualified rehabilitated building is "placed-in-service." It also establishes an application fee for tax credits, which will be deposited into a special revenue account for the administration of the program. The state historic preservation officer is tasked with reviewing applications and ensuring compliance with the Secretary of the Interior's standards for rehabilitation.

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