Historic Tax Credit Bills Introduced During First Week of Session

If you’d like to show your support of the increased rate, join us during the Economic Development Committee meeting on Wednesday, Feb. 22nd, at 1:00 p.m. in the Senate Judiciary Room (208W).

Revitalizing West Virginia's Downtowns

16487195_10154579907148347_1430972849647065210_oDuring the first week of the legislative session, two bills to increase the current rate of the historic rehabilitation tax credit from 10% to 25% were introduced in the Senate. Majority Leader Ryan Ferns (R – Ohio, 01) introduced Senate Bill 238, and Senator Glenn Jeffries (D – Putnam, 08) introduced Senate Bill 323.

The major difference between the two bills is that SB 323 includes a date after which the increased rate takes effect — only rehab projects started after June 30, 2017 would be eligible for the 25% credit.

Before West Virginia can increase its credit, SB 238 must pass through the Economic Development Committee and the Finance Committee, while SB 323 need only pass Finance.

Check out this infographic from the West Virginia Legislature to see the full journey a bill must undertake before it can become law.

bbl_steps

Senator Maroney (R – Marshall, 02)

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