West Virginia SB389 creates a tax credit for rehabilitating historic buildings, sunsets existing credits, and consolidates related provisions.

West Virginia SB389 establishes a tax credit for the rehabilitation of historic buildings, aiming to preserve historical and cultural assets. The bill sunsets existing tax credits and consolidates related provisions into a new article for clarity and efficiency. The credit is available for both residential and nonresidential certified historic structures, equal to 25% of eligible rehabilitation expenses. The bill outlines procedures for earning and claiming the credit, including application fees, good standing requirements, and the role of the State Historic Preservation Officer.

West Virginia SB389 creates a tax credit for rehabilitating historic buildings, sunsets existing credits, and consolidates related provisions.

West Virginia SB389 establishes a tax credit for the rehabilitation of historic buildings, aiming to preserve historical and cultural assets. The bill sunsets existing tax credits and consolidates related provisions into a new article for clarity and efficiency. The credit is available for both residential and nonresidential certified historic structures, equal to 25% of eligible rehabilitation expenses. The bill outlines procedures for earning and claiming the credit, including application fees, good standing requirements, and the role of the State Historic Preservation Officer.