WV SB389

Creates the West Virginia Historic Rehabilitated Building Tax Credit Act, providing a 25% tax credit on qualified rehabilitation expenditures for certified historic structures, available for both residential and nonresidential buildings listed on the National Register of Historic Places.

Consolidates and replaces existing historic rehabilitation tax credits scattered throughout state code, with current credits under §11-21-8a, §11-21-8g, and §11-24-23a terminated effective June 30, 2026.

Allows tax credits to be transferred, sold, or assigned to other taxpayers, with credits passing through to shareholders, partners, or members of pass-through entities either pro rata or by documented agreement.

Permits phased rehabilitation projects where credits can be claimed as each phase is completed, subject to a bond requirement if credits are transferred before final project certification and a 60-month deadline for completion.

Provides a 5-year carry forward for unused credits and establishes recapture provisions requiring repayment if taxpayers fail to complete projects, maintain good standing on taxes, or meet certification requirements.