It is with mixed emotions that I share that SB 238, which would have increased the rate of West Virginia’s historic rehabilitation tax credit to 25%, did not complete legislation by midnight on Saturday, April 8th.
When the Revitalize West Virginia Downtowns Coalition first formed and announced its intentions last year, the group was met with heavy skepticism. Some doubted that the proposal would gain traction in the Legislature. Others feared that the Legislature would cut the historic tax credit program altogether.
In reality, increasing the rate of the historic rehab tax credit received widespread support and found strong advocates in both chambers.
SB 238 passed the Senate, 34 – 0, and passed the House with amendments introduced in House Finance, 90 – 8.
Unfortunately, the Senate and House were unable to resolve the differences between their respective versions of the…
View original post 276 more words