During the first week of the legislative session, two bills to increase the current rate of the historic rehabilitation tax credit from 10% to 25% were introduced in the Senate. Majority Leader Ryan Ferns (R – Ohio, 01) introduced Senate Bill 238, and Senator Glenn Jeffries (D – Putnam, 08) introduced Senate Bill 323.
While both bills adjust the credit with respect to personal and corporate net income tax, the major difference between the two is that SB 323 includes a date after which the increased rate takes effect — only rehab projects started after June 30, 2017 would be eligible for the 25% credit.
Check out this infographic from the West Virginia Legislature to see the full journey a bill must undertake before it can become law.
Senator Maroney (R – Marshall, 02), Economic Development Chair, put SB 238 on the Feb. 15th agenda. A number of supporters spoke before the committee. However, the committee moved to hold the vote until Feb. 22nd because SB 238’s fiscal note was not yet available.
If you’d like to show your support of the increased rate, join us during the Economic Development Committee meeting on Wednesday, Feb. 22nd, at 1:00 p.m. in the Senate Judiciary Room (208W).
Or follow along at home with the Legislature’s website.
For those of you wondering what’s going on in the House of Delegates, Delegate Erikka Storch (R – Ohio, 03) introduced HB 2545, a companion House bill that was referred to the House Committee on Finance. As it’s currently written, the legislation would only adjust the credit with respect to the corporate net income tax and would not include personal income tax.
If you’d like to track any of the bills to increase the historic rehab tax credit, the Legislature’s website provides a few different ways. You can manually search for the bill number or set up an automatic bill tracker by submitting your email address.
And don’t forget to bookmark the Revitalize West Virginia Downtowns blog! As soon as I get word, any bill status updates and media surrounding the campaign will be posted.
Many thanks for your interest and energy.
If you have any questions about the proposal or would just like to talk more, be sure to get in touch.