Bill > SB389

This bill establishes the West Virginia Historic Rehabilitated Buildings Tax Credit Act, creating a new tax incentive for the rehabilitation of historic buildings, while also making changes to existing tax provisions related to manufacturing facilities. The new act, which replaces and clarifies previous rehabilitation credits, provides a 25% tax credit for qualified rehabilitation expenditures on certified historic structures and eligible rehabilitation expenses for residential certified historic structures, with specific definitions for terms like "certified historic structure" and "material rehabilitation." It also outlines procedures for claiming the credit, including application processes that align with federal guidelines, and allows for phased rehabilitations and the transfer of unused credits. The bill sets a sunset date of June 30, 2026, for existing rehabilitation credits under the personal income tax and corporation net income tax, with provisions for credits earned before that date to continue to be applied. Additionally, the bill clarifies that "certified capital addition property" for manufacturing facilities is limited to personal property only and requires that qualified capital additions to these facilities be located in the same county as the existing manufacturing facility, effective January 1, 2027.

Budget and Finance

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=389&year=2026&sessiontype=RS&btype=bill