The proposed bill aims to establish a new tax credit under the "Coalfield Housing Revitalization Tax Credit Act" for the rehabilitation of vacant or dilapidated residential properties located in coalfield counties of West Virginia. The tax credit will allow taxpayers to claim 50 percent of their eligible contributions towards the rehabilitation efforts. The bill specifies that eligible properties can be utilized for workforce housing aimed at educators, healthcare workers, first responders, and public employees. Additionally, projects that receive support from county commissions, housing authorities, or municipal redevelopment agencies will be given priority.

Furthermore, the bill defines "coalfield" to include any county in West Virginia that has historically had coal mining, currently benefits from the coal mining industry, has had related economic activities, or has been significantly affected by the coal mining industry. This definition is intended to clarify the scope of the tax credit and ensure it targets the appropriate areas for revitalization efforts. Overall, the bill seeks to promote the rehabilitation of residential properties in coalfield regions, thereby supporting local communities and their economies.

Statutes affected:
Introduced Version: 11-13NN-1