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. It establishes a credit of 10% for certified historic structures, increasing to 25% for qualified rehabilitation expenditures made after December 31, 2017, provided certain conditions are met. The bill specifies that taxpayers must not be in arrears on any taxes administered by the Tax Division or delinquent on local or property taxes to qualify for the credit. Additionally, it allows for phased rehabilitations, enabling property 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.

The bill also introduces new provisions regarding the issuance of tax credit certificates and application fees. It mandates that all tax credits allocated through a tax credit certificate will be available for the year the qualified rehabilitated building is "placed-in-service." Furthermore, it establishes an application fee structure, requiring a fee equal to the lesser of 0.5% of the requested tax credits or $10,000, which will be used to fund the administration of the tax credit program. The state historic preservation officer is tasked with reviewing applications and issuing tax credit certificates based on compliance with the Secretary of the Interior's standards for rehabilitation.

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