The proposed bill introduces the "Veterans Housing Redevelopment Tax Credit Act," which aims to create a transferable tax credit for eligible nonprofit organizations that redevelop existing buildings into housing for homeless veterans. The legislation outlines the purpose of the tax credit, which is to incentivize the conversion of underutilized properties, such as hotels and commercial buildings, into supportive housing for veterans without imposing new state obligations. The bill includes definitions for key terms, such as "certified project," "eligible nonprofit organization," and "qualified redevelopment costs," and establishes the criteria for project eligibility, including the requirement to provide access to supportive services for veterans.

The tax credit will amount to 30% of the qualified redevelopment costs and can be applied against various state taxes, with the option to carry forward any unused credit for up to ten years. The bill also allows for the transferability of the tax credit, enabling eligible organizations to sell or assign the credit to other taxpayers. Additionally, it sets forth application and certification procedures, recapture provisions if the housing ceases to be used for veterans, and mandates rulemaking by the West Virginia Department of Revenue to implement the program. The effective date for the new article is set for July 1, 2026.

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