A bill under consideration during this year’s Legislative session would take a meaningful step in spurring millions of dollars in private investment among West Virginia’s towns, proponents say.
The one-page bill makes a small, but meaningful change to the state’s Historic Tax Rehabilitation Credit by raising it from 10 percent to 25 percent.
The result? A greater incentive for developers to acquire and redevelop historic buildings in towns and cities statewide.
The increase would make West Virginia’s tax credit consistent with Ohio and Virginia’s. Combined with the 20-percent federal historic tax credit, investors could see a 45 percent credit against their corporate or personal income taxes owed once a rehabilitation project is completed.
In the Mountain State, where finding flat land is often the first of many hurdles for prospective developers, the bill’s proponents say the historic rehabilitation market has the potential to breathe new life into West Virginia’s downtown areas.