PAWV has joined Revitalize West Virginia’s Downtowns, https://revitalizewvdowntowns.com/, a coalition of economic development professionals, architects, private developers, community developers, city officials, and historic preservationists that want to increase West Virginia’s income-producing historic tax credit to make downtowns of all sizes desirables places to live and work. In 2017, Revitalize West Virginia’s Downtowns will be 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 historic buildings; and
- 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.
The state 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 building, you can contact your state legislators and sign a petition. Learn more by visiting https://revitalizewvdowntowns.com.
The coalition’s members include the Abandoned Property Coalition, the American Institute of Architects WV Chapter, the National Trust for Historic Preservation, Wheeling National Heritage Area, and private businesses. If your organization is interested in joining the coalition, contact PAWV at email@example.com to learn how.