The proposed bill establishes the West Virginia Historic Rehabilitated Building Tax Credit Act, designed to incentivize the rehabilitation of historic buildings through a new income tax credit set at 25% of qualified rehabilitation expenditures for certified historic structures. The bill includes provisions for defining key terms, outlining procedures for claiming the credit, and implementing a recapture mechanism for noncompliance. It also introduces a sunset clause for existing rehabilitation credits, reorganizing the requirements to improve efficiency for both taxpayers and the state. The West Virginia Division of Culture and History, along with the National Park Service, will be responsible for reviewing and designating certified historic structures.

Furthermore, the bill terminates certain existing tax credits related to certified historic structures and qualified rehabilitated buildings effective June 30, 2025, specifically eliminating credits under sections 11-21-8a and 11-24-23a. However, it preserves the rights of taxpayers who have submitted a Part 3 Request for Certification of Completed Work before the termination date, allowing them to apply their credits against tax liabilities until exhausted. The legislation also introduces new provisions for the allocation and distribution of tax credits among shareholders and partners, permits the transfer or sale of credits, and grants the State Tax Commissioner the authority to implement necessary regulations to enforce these changes.

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