This bill amends the Code of West Virginia to establish the "West Virginia Historic Rehabilitated Building Tax Credit Act," which centralizes the framework for tax credits related to historic rehabilitation. It introduces a tax credit equal to 25% of qualified rehabilitation expenditures for certified historic structures, applicable to both residential and nonresidential buildings that meet specific criteria. The bill also sets a termination date of June 30, 2026, for existing rehabilitation credits, while allowing taxpayers who have already submitted a Part 3 Request for Certification of Completed Work to continue utilizing these credits until they are exhausted.

Furthermore, the bill outlines the requirements for maintaining the tax credit, including good standing for taxpayers and detailed application procedures. It allows for the transfer of unused credits and mandates that the State Tax Commissioner can create rules for implementation. The bill emphasizes compliance with historic preservation standards and includes provisions for recapture taxes in cases of noncompliance. Overall, the legislation aims to streamline the tax credit process while ensuring adherence to preservation guidelines and protecting the rights of taxpayers who have already begun rehabilitation projects.

Statutes affected:
Introduced Version: 11-24-23a, 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