Wednesday, August 27, 2025
57.9 F
Beckley
More

    Tax credit for historic W.Va. buildings now permanent

    West Virginia has made its historic tax rehabilitation credit program permanent, a move real estate developers are hailing for its economic influence in downtowns.

    Advertisement

    Gov. Jim Justice recently signed the bipartisan bill, which provides a 25-percent tax credit for those who rehabilitate historic income-producing properties, according to Danielle Parker, executive director of the Preservation Alliance of West Virginia.

    "The 25-percent credit, which became law in 2018, was set to expire at the end of 2022," Parker said. "However, in those five years, the program attracted renewed interest in West Virginia’s historic commercial districts and spurred private reinvestment in more than 80 vacant and dilapidated buildings throughout the state.

    In just two of those years, more than $34 million were invested in nine projects.

    Advertisement
    Advertisement
    Advertisement
    Advertisement

    Renee Kuhlman, Senior Director at the National Trust for Historic Preservation, said the move to a permanent 25-percent credit provides needed certainty to property owners and developers.

    The 25-percent credit often fills a financing gap in a project, she said, but the uncertainty around its future made it difficult for developers to successfully apply for construction loans or plan long-term projects.

    “The removal of the sunset date increases the attractiveness of the credit to investors,” Kuhlman said.

    “Already, I’ve received a call from a New Orleans developer wanting information about West Virginia properties because the program was made permanent.”

    Advertisement

    Without this tax credit, many historic redevelopment projects would not happen, Parker said. The credit is often the reason a project becomes feasible.

    "There are more than 1,000 properties—including 168 historic districts—that can be revitalized using the credit, and I am excited to see how these places can be brought back to life using this financial incentive,” she said.

    The state historic tax credit is capped at $30 million of income tax credits per year and also offers a 20-percent residential rehabilitation credit for historic homes, which is also permanent.

    The State Historic Tax Credit is administered by the W.Va. Historic Preservation Office, and the National Park Service.

    Advertisement
    Advertisement
    Advertisement
    Advertisement

    For more information on applying for the credit, or to find out if your property is an eligible tax-credit project, please call 304-558-0240. You can also Visit the WV Historic Preservation Office's website .


    Sign up to receive a FREE copy of West Virginia Explorer Magazine in your email weekly. Sign me up!
    David Sibray
    David Sibray
    Historian, real estate agent, and proponent of inventive economic development in West Virginia, David Sibray is the founder and publisher of West Virginia Explorer Magazine. For more information, he may be reached at 304-575-7390.

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Hot this week

    Retro commercial realty for sale near Hatfield-McCoy ATV trails in West Virginia

    PINEVILLE, W.Va. — Once a gathering place for miners...

    West Virginia monitoring seasonal hemorrhagic disease in deer populations

    CHARLESTON, W.Va. — Cases of hemorrhagic disease in deer...

    West Virginia reminds hunters about upcoming youth seasons, changes to regulations

    CHARLESTON, W.Va. — With the first slate of youth...

    West Virginia sets new migratory game bird seasons and 2025-2026 regulations

    CHARLESTON, W.Va. — West Virginia has set new season...

    Elk management tours announced for 2026 season in Logan County, West Virginia

    LOGAN, W.Va. — Now that the majestic elk has...

    Topics

    Related Articles

    Popular Categories