WV HB3486

Maintains a 25% tax credit against corporation net income tax for qualified rehabilitation expenditures on certified historic structures (increased from 10% for expenditures made after December 31, 2017)

Requires taxpayers to be current on all state, local, municipal, and property taxes on the historic structure to claim the credit

Allows phased rehabilitations for projects completed after July 1, 2022, where tax credits can be claimed for each completed phase upon receipt of a written tax credit certificate from the state historic preservation officer

Specifies that as of July 1, 2023, all tax credits shall be available for the year the qualified rehabilitated building is "placed-in-service" rather than upon final certification

Establishes an application fee of the lesser of 0.5% of requested tax credits or $10,000, deposited into a special revenue account for program administration