West Virginia has had its Residential Rehabilitation Tax Credit for over 10 years. With this tax credit, historic homeowners benefit from a 20% credit on qualified expenditures, which include roof replacement, electrical wiring repairs and updates, window rehabilitation, architectural and engineering fees, and much, much more. For the homes to be considered “historic”, they must be listed individually in the National Register of Historic Places or they can be listed in a National Register historic district, a collection of historic buildings in a concentrated area.
In the last 11 years, 67 historic properties have been rehabilitated using this tax credit program. In West Virginia, there are over 1,000 historic resources, and this number does not individually count each property listed in the historic districts. So, why the discrepancy in number of owners utilizing the tax credit and number of historic resources? Property owners continue to fix-up their homes, and many middle-class families live in historic districts. All of these people could benefit from this tax credit.
We at Preservation Alliance believe that two reasons the tax credit is not being utilized more effectively are because homeowners are turned off by anything to do with taxes and that the paperwork is intimidating. To counter these claims, we have created a twelve-page guidebook that explains the tax credit and walks homeowners step-by-step through the tax credit application process. Additionally, this downloadable guide explains who to contact to apply for this tax credit.
So before you start any summer renovations, take a look at the guidebook. You might qualify for this 20% tax credit! If you aren’t certain whether your property is listed in the National Register of Historic Places, contact us at firstname.lastname@example.org. We will help you to figure out whether your property qualifies as “historic.” You can find the downloadable guidebook in PDF format at http://pawv.org/funding.htm.
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