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Introduced Version Senate Bill 238 History

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FISCAL NOTEWEST virginia Legislature

2017 regular session

Introduced

Senate Bill 238

By Senators Ferns, Plymale, Weld and Maroney

[Introduced February 9, 2017; referred
to the Committee on Economic Development; and then to the Committee on Finance]

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.

Be it enacted by the Legislature of West Virginia:


That §11-21-8a of the Code of West Virginia, 1931, as amended, be amended and reenacted; and that §11-24-23a of said code be amended and reenacted, all to read as follows:

ARTICLE 21. PERSONAL INCOME TAX.


§11-21-8a. Credit for qualified rehabilitated buildings investment.


A credit against the tax imposed by the provisions of this article shall be is allowed as follows:

Certified historic structures. -- For certified historic structures, the credit is equal to ten twenty-five percent of qualified rehabilitation expenditures as defined in §47(c)(2), Title 26 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 §47(c)(1), Title 26 of the United States Code, as amended.

ARTICLE 24. CORPORATION NET INCOME TAX.


§11-24-23a. Credit for qualified rehabilitated buildings investment.

A credit against the tax imposed by the provisions of this article shall be is allowed as follows:

Certified historic structures. -- For certified historic structures, the credit is equal to ten twenty-five percent of qualified rehabilitation expenditures as defined in §47(c)(2), Title 26 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 §47(c)(1), Title 26, 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.

Strike-throughs indicate language that would be stricken from a heading or the present law and underscoring indicates new language that would be added.

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