Charleston Gazette-Mail: Increased Credit Would Make Developers Say “Yes” to West Virginia

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Tighe Bullock stands inside a first-floor entry of the Staats Hospital Building in 2014. Ric Cavender, of Charleston Main Streets, touted Bullock’s West Side work as one of the success stories of tax credits for historic renovations. Credit: Gazette-Mail file photo

By Ali Schmitz / Charleston Gazette-Mail

A measure to increase tax credits available to developers restoring historic buildings remains alive during the special session of the state Legislature.

The measure, which is part of the wide-ranging revenue bill currently going through the Legislature, would increase the tax credit rate for restoring historic buildings from 10 percent to 25 percent of the total cost of renovations.

The measure also includes a tax credit cap of $3.75 million for each building.

The credit is available for residential and non-residential buildings statewide that are defined as certified historic structures.

Officials statewide have advocated for the change, saying it could encourage developers to revive historic buildings that remain empty.

Read the full story at wvgazettemail.com.

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