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Introduced Version Senate Bill 323 History

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Key: Green = existing Code. Red = new code to be enacted

WEST virginia Legislature

2017 regular session

FISCAL NOTEIntroduced

Senate Bill 323

By Senators Jeffries, Azinger, Cline, Facemire, Ojeda, Palumbo, Plymale, Romano, Smith, Sypolt, Woelfel, Stollings, Boso, Beach and Miller

[Introduced February 15, 2017; Referred
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 credit for qualified rehabilitated buildings investment; setting a date after which the increase applies to new rehabilitation expenditures; and adjusting the tax credits with respect to both personal income tax and corporate net income tax.

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 allowed as follows:

Certified historic structures. -- For certified historic structures, the credit is equal to ten percent of qualified rehabilitation expenditures as defined in §47(c)(2), Title 26 of the United States Code, as amended: Provided, That for qualified rehabilitation expenditures made after June 30, 2017, the credit allowed by this section is equal to twenty-five percent of the 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 allowed as follows:

Certified historic structures. -- For certified historic structures, the credit is equal to ten percent of qualified rehabilitation expenditures as defined in §47(c)(2), Title 26 of the United States Code, as amended: Provided, That for qualified rehabilitation expenditures made after June 30, 2017, the credit allowed by this section is equal to twenty-five percent of the 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 credit for qualified rehabilitated buildings investment. The bill sets a date after which the increase applies to new rehabilitation expenditures. The bill adjusts the tax credits with respect to both personal income tax and corporate net income tax.

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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