The proposed West Virginia Historic Rehabilitated Building Tax Credit Act aims to incentivize the rehabilitation of historic buildings by introducing a new income tax credit. This legislation establishes a 25% tax credit for qualified rehabilitation expenditures on certified historic structures, which can be either residential or non-residential. It includes definitions for key terms such as "certified historic structure" and "eligible rehabilitation expenses," and outlines the procedures for claiming the credit. The bill also centralizes the requirements for historic rehabilitation credits under a new article in the West Virginia Code and introduces provisions for phased rehabilitation projects and the transfer of unused credits.

Additionally, the bill proposes the termination of certain existing tax credits related to certified historic structures and qualified rehabilitated buildings, effective June 30, 2025. Specifically, it eliminates credits under sections 11-21-8a and 11-24-23a, while allowing taxpayers who have already submitted a Part 3 Request for Certification of Completed Work to continue applying these credits against their tax liabilities. The legislation also introduces new provisions for the allocation and distribution of tax credits among business entities, establishes recapture mechanisms for noncompliance, and grants the State Tax Commissioner the authority to create rules for implementation. These provisions will apply retroactively to certain tax returns, ensuring compliance with existing laws while facilitating access to the new credits.

Statutes affected:
Introduced Version: 11-24-23a
Committee Substitute: 11-24-23a
Committee Substitute for the Committee Substitute: 11-13NN-1, 11-13NN-2, 11-13NN-3, 11-13NN-4, 11-13NN-5, 11-13NN-6, 11-13NN-7, 11-13NN-8, 11-13NN-9, 11-13NN-10, 11-13NN-11, 11-13NN-12, 11-13NN-13, 11-13NN-14, 11-21-8i, 11-24-23h