Source: http://www.wvlegislature.gov/Bill_Status/bills_text.cfm?billdoc=SB238%20SUB1.htm&yr=2017&sesstype=RS&i=238
Timestamp: 2017-08-19 09:29:36
Document Index: 391792699

Matched Legal Cases: ['§11', '§11', '§47', '§47', '§47', '§47', '§47', '§47']

By Senators Ferns, Plymale, Weld and Maroney
[Originating in the Committee on Finance; reported on March 25, 2017]
A BILL to amend and reenact §11-21-8a of the Code of West Virginia, 1931, as amended; and to amend and reenact §11-24-23a of said code, all relating to increasing the tax credits allowed for rehabilitation of certified historic structures from ten percent to twenty-five percent of expenditures made after December 31, 2017.
Certified historic structures. – For certified historic structures, the credit is equal to ten percent of qualified rehabilitation expenditures as defined in Title 26, §47(c)(2) of the United States Code, as amended: Provided, That for qualified rehabilitation expenditures made after December 31, 2017, the credit allowed by this section is equal to twenty-five percent of the qualified rehabilitation expenditures as defined in Title 26, §47(c)(2) of the United States Code, as amended. This credit is available for both residential and nonresidential buildings located in this state, that are reviewed by the West Virginia Division of Culture and History and designated by the National Park Service, United States Department of the Interior as certified historic structures, and further defined as a qualified rehabilitated building, as defined under Title 26, §47(c)(1) of the United States Code, as amended.
Certified historic structures. – For certified historic structures, the credit is equal to ten percent of qualified rehabilitation expenditures as defined in Title 26, §47(c)(2) of the United States Code, as amended. Provided, That for qualified rehabilitation expenditures made after December 31, 2017, the credit allowed by this section is equal to twenty-five percent of the qualified rehabilitation expenditures as defined in Title 26, §47(c)(2) of the United States Code, as amended. This credit is available for both residential and nonresidential buildings located in this state that are reviewed by the West Virginia Division of Culture and History and designated by the National Park Service, United States Department of the Interior as certified historic building, and further defined as a qualified rehabilitated building, as defined under Title 26, §47(c)(1) of the United States Code, as amended
NOTE: The purpose of this bill is to increase the tax credits allowed for rehabilitation of certified historic structures.