WV SB450

Establishes the West Virginia Historic Rehabilitated Building Tax Credit at 25% of qualified rehabilitation expenditures for certified historic structures, applicable to both residential and nonresidential buildings reviewed by the Division of Culture and History and certified by the National Park Service

Terminates existing rehabilitation tax credits under §11-21-8a, §11-21-8g, and §11-24-23a effective June 30, 2026, while preserving credits already earned by taxpayers who submitted certification requests before that date

Allows tax credits to be transferred, sold, or assigned to other parties with State Tax Commissioner approval, and permits credits to be carried forward for up to 10 years following the first year of entitlement

Requires an application fee equal to the lesser of 0.5% of requested tax credits or $10,000, with fees deposited into a special revenue account administered by the State Historic Preservation Officer

Establishes recapture provisions requiring repayment of credits if taxpayers fail to complete construction, fail to maintain good standing on state and local taxes, or fail to meet certification requirements within specified timeframes