West Virginia Legislation Would Eliminate Sunset Date, Caps for State HTC
A bill in the West Virginia state Senate would eliminate the sunset date and transaction cap for the state historic tax credit (HTC). S.B. 344 would remove the Dec. 31, 2022, expiration date for the state’s 25% HTC, as well as the $10 million cap for a single project, the $30 million annual statewide cap and the $5 million set-aside for small projects.
The fifth edition of the Novogradac Introduction to Historic Tax Credits includes changes to the HTC incentive coming out of 2017 tax reform, including the requirement that the credit be taking ratably over a five-year period.