This bill amends the Code of West Virginia to refine tax incentives related to the rehabilitation of properties, particularly focusing on certified historic structures. It clarifies that certified capital addition property for manufacturing facilities is limited to personal property and must be located in the same county as the existing facility. The legislation introduces the West Virginia Historic Rehabilitated Buildings Tax Credit Act, which establishes a new framework for tax credits set at 25% of qualified rehabilitation expenditures for certified historic structures. It outlines eligibility criteria, application procedures, and mandates that the State Historic Preservation Officer issue tax credit certificates for projects meeting federal standards. The bill also includes provisions for phased rehabilitation projects and recapture tax provisions for non-compliance.

Importantly, the bill sets a termination date of June 30, 2026, for tax credits related to certified historic structures and residential certified historic structures, while allowing taxpayers who have submitted a Part 3 Request for Certification of Completed Work to continue utilizing these credits until they are exhausted. It ensures that applications filed before the termination date can still follow existing provisions, providing a pathway for taxpayers who initiated the process prior to the sunset date. Overall, the legislation aims to enhance the efficiency of tax incentives for property rehabilitation while ensuring compliance with established 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
Committee Substitute: 11-6F-2, 11-6F-3, 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