Bills Introduced in WV Legislature to Increase State Historic Rehabilitation Tax Credit

The Preservation Alliance of WV is excited to announce that two bills have been introduced in the West Virginia Legislature to increase the state historic rehabilitation tax credit from 10% to 25%.

In the Senate, SB238 was introduced by Senators Ferns (lead sponsor), Plymale, Weld, and Maroney and referred to the Committee on Economic Development and then the Committee on Finance.

In the House of Delegates, a similar bill was introduced by Delegates Pyles and Upson and referred to the Committee on Finance.

The coalition – Revitalize West Virginia’s Downtowns, https://revitalizewvdowntowns.com/ – is 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.

Another bill to keep an eye out for this session is HB2356, which was also introduced by Delegate Pyles.  The purpose of this bill is to require the approval of the Historic Landmarks Commission for certain Municipal Planning Commission projects within a historic district designated by listing on the National Register of Historic Places.  It was referred to the Committee on Political Subdivisions then Government Organization.

Follow the PAWV blog for updates on these bills.

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s