The 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. It includes provisions for defining relevant terms, procedures for claiming the credit, and a centralized article for historic rehabilitation credits. A significant aspect of the bill is the introduction of a sunset provision that terminates certain existing rehabilitation credits, specifically those under sections 11-21-8a and 11-24-23a, effective June 30, 2025. However, taxpayers who have already submitted a Part 3 Request for Certification of Completed Work before this date will retain their rights to apply these credits against their tax liabilities until they are exhausted.

Furthermore, the bill outlines specific requirements for claiming the new credit, including the completion of construction and maintaining good standing in tax payments. It allows for phased rehabilitation projects and provides mechanisms for transferring unused credits. The legislation also introduces new provisions for the allocation and distribution of tax credits among shareholders and partners, permits the carry forward of excess credits, and establishes recapture tax provisions for noncompliance. The State Tax Commissioner is empowered to create rules for implementing these changes, and a severability clause is included to ensure the bill's effectiveness even if parts are deemed invalid.

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