Creating a tax credit for improving facades in historic districts
Impact
If enacted, HB 4507 would specifically modify existing taxation frameworks related to personal and corporate income taxes, allowing property owners to offset some of their expenses with the tax credits. By promoting facade improvements, the bill could potentially increase property values in these districts and attract more visitors, thereby boosting local businesses. The implementation of tax credits is expected to encourage investment in historically-sensitive refurbishments, providing an economic incentive for property owners to enhance their properties.
Summary
House Bill 4507 aims to amend the Code of West Virginia by introducing a tax credit for property owners who improve the facades of non-historic structures located in designated historic districts. The bill stipulates that property owners can receive a tax credit equal to 25% of eligible replacement expenses, provided that the improvements are reviewed and approved by the state historic preservation office. This initiative is designed to enhance the aesthetic appeal of historic districts and stimulate local economies through investment in property improvements.
Sentiment
The sentiment surrounding the bill appears largely positive, with many stakeholders, including local businesses and preservation advocates, expressing support for the initiative. Advocates argue that improving facades will not only beautify neighborhoods but also promote heritage and community pride. However, there may be some contention regarding the bill’s specifics, particularly concerning the qualifications for receiving the tax credits and the role of the state historic preservation office in overseeing applications.
Contention
While most stakeholders view the bill as a boon for local historic districts, there are concerns regarding the administrative burden it may place on the state historic preservation office, which is tasked with reviewing and approving applications for the tax credits. Detractors could also argue that the bill might favor wealthier property owners who are more likely to undertake such improvements, thereby raising questions about equitable access to these benefits. Moreover, the provision that a taxpayer cannot be in arrears on other taxes before qualifying for the credit might exclude those who are economically disadvantaged.
Providing a tax credit against the state corporate net income tax to for-profit corporations or a tax credit against payroll withholdings for nonprofit corporations for expenditures related to the establishment and operation of employer-provided child-care facilities