CHARLESTON — Some lawmakers want to encourage companies to renovate West Virginia’s historic buildings by offering a higher tax credit on rehabilitating them comparable to those in surrounding states.
House Bill 2545, introduced Monday in the state Legislature, aims to even the playing field. It proposes increasing the allowable, corporation net income tax credit on rehabilitating historic buildings from 10 percent of the cost of the project to 25 percent.
Wheeling Vice Mayor Chad Thalman said advocating for the higher tax credit is the city’s highest priority for this year’s legislative session. Ohio and Pennsylvania both offer 25-percent historic rehabilitation tax credits.
“So if you are a developer in the region and you are looking at buildings to restore, every building in West Virginia is more expensive than buildings in surrounding states,” Thalman said. “So, it’s hurting us competitively.”