We are asking the West Virginia Legislature to increase West Virginia’s uncompetitive 10% historic rehabilitation tax credit to 25%, in order to:
- Spur private investment.
- Create jobs.
- Repurpose vacant and underutilized buildings.
- Provide West Virginia with a positive return on investment.
West Virginia has 92 commercial and mixed-use historic districts ripe for revitalization – yet developers choose to invest in neighboring states instead of our downtowns due to West Virginia’s uncompetitive 10% historic rehabilitation tax credit.
Neighboring states, including Pennsylvania, Ohio and Virginia, all have 25% historic rehabilitation tax credits. Since 2002, each of these three states has created more than 44,000 jobs in the redevelopment of historic buildings, generating more than $3 billion in total income for each state.
In the same period, West Virginia’s 10% tax credit has created just 3,529 jobs, and $170 million in total income.
West Virginia must take action to remain economically competitive with surrounding states. An increase in the current state historic rehabilitation tax credit from 10% to 25% would make West Virginia’s historic commercial districts more attractive to developers, spurring private investment.
There are a number of ways you can support the proposal to encourage redevelopment of West Virginia’s historic buildings – visit our Take Action page to see how you can lend your voice!
If you’d like to learn more, we’d love to hear from you. Contact us!