The Residential Historic Rehabilitation Tax Credit has assisted homeowners throughout West Virginia to repair, retain, and improve quality housing for families of all income levels. The purpose of the credit is to provide the needed incentive to repair older homes (including condos) listed individually or in a National Register historic district and to help individual homeowners afford this material rehabilitation. It also encourages work that meets the “Secretary of the Interior’s Standards for Rehabilitation and Guidelines for Rehabilitating Historic Buildings” by providing a 20% tax credit for qualifying expenditures including roof, window, and siding replacement and the upgrade of heating systems.
If HB 2916 and SB 436 are passed, this tax credit would be eliminated beginning July 1, 2013.
UPDATES ~ Currently both bills are in committees with HB 2916 in the House Finance Committee (http://www.legis.state.wv.us/committees/house/HouseCommittee.cfm?Chart=fin)
and SB 436 in the Senate Government Organization Committee
(http://www.legis.state.wv.us/committees/senate/SenateCommittee.cfm?Chart=govo). Neither of the bills have been added to the agenda of the respective committees, and the bills must be out of committees by March 31st to ensure three full days of readings – which means that if the bills do not leave their respective committees by March 31, the bills have no chance of being passed into law this session. You can contact the respective committee members, at the above links, to show your support for the tax credit.
Why is the residential tax credit so important?
Although the bills are not up for vote yet, you can still make your voice heard by contacting your State Delegates and Senators to make them aware of this threat. You can show them your support for the tax credit by asking them to vote NO to HB 2916 or SB 436 if they are to come up in this session. You can call their office, send emails, or faxes.
Contact information for state senators is here: http://www.legis.state.wv.us/Senate1/roster.cfm
Contact information for state delegates is here: http://www.legis.state.wv.us/House/roster.cfm
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