The proposed bill establishes the West Virginia Historic Rehabilitated Building Tax Credit Act, creating a new framework for historic rehabilitation tax credits within the Code of West Virginia. It includes provisions for legislative findings, definitions, procedures for claiming the credit, and penalties for non-compliance. A significant aspect of the bill is the introduction of a sunset provision for existing rehabilitation credits, set to expire on June 30, 2026, which will transition to the new framework. Taxpayers can claim a 25% credit on qualified rehabilitation expenditures for certified historic structures, both residential and non-residential, as defined by the West Virginia Department of Tourism and the National Park Service.

Furthermore, the bill allows taxpayers who have submitted a Part 3 Request for Certification of Completed Work before the termination date to continue utilizing their credits until they are exhausted. It also introduces new legal language regarding the allocation and distribution of credits, permitting their transfer or sale under specified conditions, and requires a bond to be filed when credits are sold or transferred. Additionally, the legislation includes recapture tax provisions for noncompliance and extends the audit period for improperly claimed credits. Overall, the bill aims to promote the rehabilitation of historic buildings while ensuring efficient administration and compliance with federal standards.

Statutes affected:
Introduced Version: 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