UpThink: Historic Tax Credits & Why They Matter

Revitalizing West Virginia's Downtowns

8c6378cc-0982-424c-b21b-878b3143e348UpThink is an email series by GenerationWV, a statewide organization dedicated to attracting, retaining, and advancing young talent in the Mountain State.

By Nicole Marrocco / WV Community Development Hub

Little excites me more than a community finding a modern use for a historic building.

Nerdy, I know.

But just check out this church turned indoor rock gymgas station turned restaurant, and bank turned grocery store, and I guarantee you’ll be geeking out over the untapped potential of abandoned and underperforming historic buildings alongside me.

Historic tax credits make it possible to revitalize historic properties that have a financing gap between what banks will lend and the total cost of rehabilitation.

Developers restoring income-producing (i.e. commercial, industrial, agricultural, or rental-residential) buildings listed on the National Register of Historic Places or certified by the National Parks Service can apply for personal or corporate net income tax credits from…

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