The proposed bill establishes the West Virginia Historic Rehabilitated Building Tax Credit Act, which introduces a new article to the Code of West Virginia aimed at incentivizing the rehabilitation of certified historic structures, both residential and non-residential. It offers a tax credit amounting to 25% of qualified rehabilitation expenditures and defines key terms related to the program. The bill also includes a sunset provision that will terminate existing historic rehabilitation tax credits for certified historic structures and residential certified historic structures by June 30, 2026, while allowing taxpayers who have submitted a Part 3 Request for Certification of Completed Work before this date to continue utilizing these credits until they are exhausted.

Additionally, the legislation outlines new procedures for claiming the tax credits, including provisions for phased rehabilitation projects, the transfer and allocation of credits, and compliance with federal historic preservation standards. It introduces a bond requirement for sellers of tax credits to ensure adherence to project completion and certification, along with recapture tax provisions for noncompliance. The bill consolidates various sections of the code for better usability and grants the State Tax Commissioner the authority to create necessary implementation rules, ultimately aiming to streamline the process while safeguarding the rights of current credit holders.

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