The proposed bill introduces the West Virginia Historic Rehabilitated Building Tax Credit Act, which establishes a tax credit for the rehabilitation of certified historic structures. The tax credit is set at 25% of qualified rehabilitation expenditures for both residential and non-residential buildings that meet specific criteria established by the West Virginia Division of Culture and History and the National Park Service. The bill outlines the requirements for claiming the credit, including the completion of construction and maintaining good standing with tax obligations. It also accommodates phased rehabilitation projects, allowing taxpayers to claim credits for completed phases, and includes provisions for the transfer and allocation of unused credits.

Additionally, the bill specifies that existing tax credits related to certified historic structures will terminate on June 30, 2026, while safeguarding the rights of taxpayers who have already claimed these credits. It allows taxpayers to carry forward unused credits for up to ten years and introduces recapture tax provisions for non-compliance with historic preservation requirements. The State Tax Commissioner is granted authority to create rules for implementing the bill's provisions, ensuring that existing tax administration and penalty laws apply to the new tax credits. Overall, the legislation aims to promote the preservation of West Virginia's historic buildings while providing a structured framework for tax credit management.

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