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Introduced Version House Bill 4738 History

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

FISCAL NOTEWEST virginia Legislature

2020 regular session

Introduced

House Bill 4738

By Delegates Rowe and Pyles

[Introduced February 07, 2020; 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 §11-21-12m; and amending 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:


ARTICLE 21. PERSONAL INCOME TAX.


§11-21-12m.  Tax credit for improving facades in historic districts.


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.

ARTICLE 24. CORPORATION NET INCOME TAX.


§11-24-23h.  Tax credit for improving facades in historic districts.


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. The bill sets forth conditions.

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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