Historic Rehabilitation Tax Credit IN West Virginia
03/16/2022: West Virginia Legislature Passes Bill to Improve State Historic Tax Credit
Last week, the West Virginia Legislature passed legislation that improves the 25% State Historic Tax Credit (HTC) in West Virginia, and it is now on its way to the Governor's desk.
House Bill 4568 (known as Phased Rehabilitations of Certified Historic Structures) achieves multiple goals such as:
Last week, the West Virginia Legislature passed legislation that improves the 25% State Historic Tax Credit (HTC) in West Virginia, and it is now on its way to the Governor's desk.
House Bill 4568 (known as Phased Rehabilitations of Certified Historic Structures) achieves multiple goals such as:
- Allowing the state HTC to be taken in phases, which is known as “phased rehabilitations”,
- Allowing the recapture of HTCs,
- Requiring the issuance of HTC certificates based on issuance of Phase Advisory Determination, bringing the state program in line with the federal HTC program, and
- Eliminating all caps to the state historic tax credit and associated rules, guarantees, and restrictions related to caps and allocations. These were outlined in the original 2017 legislation that increased the tax credit from 10% to 25% and included:
- The per project cap of $10 million for a certified rehabilitation project;
- The annual cumulative cap of $30 million in tax credits issued per fiscal year;
- The “smaller project” allocation that was originally intended to ensure smaller projects (those under $500,000) received tax credits
