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BILLS INTRODUCED IN WV LEGISLATURE TO INCREASE STATE HISTORIC REHABILITATION TAX CREDIT

2/13/2017

 
The Preservation Alliance of WV is excited to announce that two bills have been introduced in the West Virginia Legislature to increase the state historic rehabilitation tax credit from 10% to 25%.

In the Senate, SB238 was introduced by Senators Ferns (lead sponsor), Plymale, Weld, and Maroney and referred to the Committee on Economic Development and then the Committee on Finance.

In the House of Delegates, a similar bill was introduced by Delegates Pyles and Upson and referred to the Committee on Finance.

The coalition – Revitalize West Virginia’s Downtowns, https://revitalizewvdowntowns.com/ – is asking the West Virginia Legislature to increase West Virginia’s uncompetitive 10% historic rehabilitation tax credit to 25%, in order to:
  • Spur private investment.
  • Create jobs.
  • Repurpose vacant and underutilized buildings.
  • Provide West Virginia with a positive return on investment.

West Virginia has 92 commercial and mixed-use historic districts ripe for revitalization – yet developers choose to invest in neighboring states instead of our downtowns due to West Virginia’s uncompetitive 10% historic rehabilitation tax credit.

Neighboring states, including Pennsylvania, Ohio and Virginia, all have 25% historic rehabilitation tax credits. Since 2002, each of these three states has created more than 44,000 jobs in the redevelopment of historic buildings, generating more than $3 billion in total income for each state.

In the same period, West Virginia’s 10% tax credit has created just 3,529 jobs, and $170 million in total income.

West Virginia must take action to remain economically competitive with surrounding states. An increase in the current state historic rehabilitation tax credit from 10% to 25% would make West Virginia’s historic commercial districts more attractive to developers, spurring private investment.

Another bill to keep an eye out for this session is HB2356, which was also introduced by Delegate Pyles.  The purpose of this bill is to require the approval of the Historic Landmarks Commission for certain Municipal Planning Commission projects within a historic district designated by listing on the National Register of Historic Places.  It was referred to the Committee on Political Subdivisions then Government Organization.
​
Follow the PAWV blog for updates on these bills.

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  • AmeriCorps
    • About Preserve WV
    • Current Preserve WV Members
    • Join Preserve WV AmeriCorps
    • Preserve WV Stories
    • Sponsor a Member
  • Programs
    • Advocacy >
      • Historic Rehabilitation Tax Credits
    • Annual Awards
    • Blair Footsteps Interpretive Trail
    • Historic Masonry Workshop
    • Historic Wood Window Preservation Workshop
    • West Virginia Endangered Properties >
      • West Virginia Endangered Properties List >
        • Endangered Properties Blog
        • Saved Sites
        • Lost or Archived Sites
    • West Virginia Historic Preservation Conference
    • Webinars >
      • Webinar Archive
    • West Virginia Historic Theatre Trail >
      • Movie Theatres of West Virginia
    • WV New Deal Trail
  • Resources
    • Fund Your Preservation Project >
      • Historic Preservation Loan Fund
      • Saving Historic Places Grant
    • Consultants and Contractors
    • Preservation Techniques >
      • Historic Building Assessment
      • How to Recycle Asbestos
      • Mothballing Property
      • Window Rehabilitation
    • Frances Benjamin Johnston: A West Virginia Icon >
      • Selected Photos
      • Behind the Lens Activity
    • Historic Preservation Degrees
  • News
    • Preservation Spotlights
    • Monthly E-newsletter
  • Contact
    • About Us >
      • Our Team
      • Our Story
  • Give
    • Become a Member of PAWV
    • Give Online
    • Ways to Give to PAWV
    • #GivingTuesday
    • Volunteer