Update: Bill 238 Unanimously Approved by Senate Committee on Economic Development

Great news! The Bill to increase the State Historic Rehabilitation Tax Credit has moved to the Finance Committee for review.

Revitalizing West Virginia's Downtowns

chamber_16x20small_0 Photo by Martin Valent / West Virginia Legislature

On Wednesday, the Senate Committee on Economic Development unanimously approved SB 238 be reported to the floor. The bill, introduced by Senator Ferns, would increase the rate of the historic rehabilitation tax credit to 25%.

During this morning’s floor session, Senator Maroney, Chair of Economic Development, recommended that SB 238 do pass but that it first be referred to Finance. Senator Hall, the Finance Chair, will have the option of putting either SB 238 or SB 323 (which has already been referred to Finance) on the committee’s agenda in the coming weeks.

The major difference between the two bills is that SB 238 does not have an effective date, whereas SB 323 has a provision that states only rehabilitation projects that begin after June 30, 2017 will be eligible for the increased rate.

Stay tuned for more updates!

View original post

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