WEST virginia Legislature

2017 regular session

Introduced

House Bill 2940

By Delegate Rowe

[Introduced March 13, 2017; 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 §11-21-12j; 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 twenty-five percent tax credit of the replacement cost of historic facades; and setting forth conditions.

Be it enacted by the Legislature of West Virginia:

That the Code of West Virginia, 1931, as amended, be amended by adding thereto a new section, designated §11-21-12j; and that said code be amended by adding thereto a new section, designated §11-24-23h, all to read as follows:

ARTICLE 21. PERSONAL INCOME TAX.

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

In addition to amounts authorized to be subtracted from federal adjusted gross income pursuant to subsection (c), section twelve of this article, twenty-five 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 section twenty-three-b, article twenty-four of this chapter, 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 twenty-five 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 section twenty-three-b of this article, 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 twenty-five 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.