The Intelligencer: Historic Structures Bill Will Have Future

 

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Photo by Joselyn King / The Intelligencer

By Joselyn King / The Intelligencer

WHEELING — A tax credit for rehabilitating historic structures that didn’t pass during the West Virginia Legislature’s recent special session may not be history, after all, as local lawmakers plan to reintroduce the measure next year.

Language giving developers greater incentives to undertake the redevelopment of aging — and often vacant — buildings was included within a contentious tax reform bill that failed to gain approval in the last hours of the session last week. The language would have raised the historic tax credit in the state from 10 percent of qualified project costs to 25 percent, and it would have placed a cap of $3.7 million on each renovation project.

Neighboring states such as Ohio and Pennsylvania already offer a tax credit of 25 percent.

The measure had bipartisan support in both chambers, but fell victim as lawmakers debated the merits of reducing the state’s income tax and increasing the consumer sales tax.

Read the full story at theintelligencer.net.

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