SB389

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.