The full Senate unanimously passed the State Historic Tax Credit Increase, SB 238, this week.
This legislation increases West Virginia’s income-producing historic tax credit from a 10 percent historic rehabilitation tax credit to 25 percent, making downtowns of all sizes desirable places to live and work. The Charleston Regional Chamber of Commerce supports this legislation as it will spur private investment, create jobs and repurpose vacant and underutilized historic buildings.
The Chamber is supporting the Revitalize West Virginia Downtown Coalition to get the bill through committee in the House and voted on by the full House of Delegates by midnight on April 8.
To make West Virginia’s downtowns more competitive with neighboring states, we encourage you to reach out to your Delegates and express your support for SB 238. Let them know that an increase in the current state historic rehabilitation tax credit from 10 percent to 25 percent would make West Virginia’s historic commercial districts more attractive to developers and provide West Virginia with a positive return on investment.