FISCAL NOTE
2024 regular session
FISCAL
House Bill 4507
By Delegate Rowe
[Introduced January 10, 2024 ; Referred to
the Committee on Finance]
A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §11-21-12o; and to amend said code by adding thereto a new section, designated §11-24-23h, all relating to creating a tax credit for improving facades in historic districts; providing that individuals and corporations are entitled to a 25 percent tax credit of the replacement cost of historic facades; and setting forth conditions.
Be it enacted by the Legislature of West Virginia:
In addition to amounts authorized to be subtracted from federal adjusted gross income pursuant to §11-21-12(c) of this code, 25 percent of the replacement cost of a facade of a building with no historic value which is located within a historic district, as that term is defined in §11-24-23b of this code, and which is to be replaced to complement the historic facades in the district, materially improving the overall historic appearance of the district, is also an authorized modification reducing federal adjusted gross income. However, the facade replacement must complement the facades of the historic buildings within the historic district, and not degrade the historic facades of the other buildings, and its design and construction plan must be approved in advance by the county commission or municipality.
The tax imposed by this article shall be offset by a credit equal to 25 percent of the replacement cost of a facade of a building with no historic value which is located within a historic district, as that term is defined in §11-24-23b of this code, and which is to be replaced to complement the historic facades in the district, materially improving the overall historic appearance of the district. The plan must be approved in advance by the county commission or municipality where the district is located.
NOTE: The purpose of this bill is to create a tax credit for improving facades in historic districts. The bill provides that individuals and corporations are entitled to a 25 percent tax credit of the replacement cost of a historic façade.
Strike-throughs indicate language that would be stricken from a heading or the present law, and underscoring indicates new language that would be added.