H. B. 4371
(By Delegates Michael, Cann)
[Introduced
February 5, 2010
; 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 allowable tax credits for
qualified rehabilitated buildings investment.
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.
PART I. GENERAL.
§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 amounts
allowed as tax credits for qualified rehabilitated buildings
investment.
Strike-throughs indicate language that would be stricken from
the present law, and underscoring indicates new language that would
be added.