The proposed bill aims to amend the Code of West Virginia by introducing a new section, 11-24-11c, which establishes a tax credit for eligible taxpayers who incur costs to obtain certifications from the United States Green Building Council's Leadership in Energy and Environmental Design (LEED) or the Green Globes Building Initiative. The bill defines "eligible taxpayer" as the owner of a building used for commercial purposes and outlines the criteria for claiming the credit, which is equal to the costs incurred for renovations and improvements necessary for certification, minus any reimbursements received. The credit can be applied against corporation net income taxes, business franchise taxes, and personal income taxes, with provisions for carryover of unused credits for up to three years.

Additionally, the bill includes stipulations regarding the application process for the credit, requiring taxpayers to file a written application with the Tax Commissioner, along with necessary documentation, including proof of certification. It also addresses the transfer of credits to successors in the event of a business change and outlines conditions under which credits may be forfeited or recaptured if certification is not maintained. The bill grants the Tax Commissioner rule-making authority to implement its provisions and specifies that the credit will be available for tax years beginning on or after January 1, 2026.

Statutes affected:
Introduced Version: 11-24-11c