W. Va. Code R. § 110-21C-6

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 110-21C-6 - Limitations on claiming the credit

6.1. The credits granted pursuant to W. Va. Code §§ 11-21-8a or 11-24-23a for qualified investment made after December 31, 2017, may not be used to offset tax liabilities arising prior to January 1, 2020. This prohibition does not apply to the credits granted pursuant to W. Va. Code § 11-21-8g.

6.2. No credit is allowed for qualified investments made after December 31, 2022, unless the Legislature of West Virginia amends W. Va. Code §§ 11-21-8a and 11-24-23a to change the December 31, 2022 termination date.

6.3. In cases where qualified investment is made before January 1, 2023, and the investment is approved for credit pursuant to W. Va. Code §§ 11-21-8a or 11-24-23a prior to January 1, 2023, the unused portion of the credit may be carried forward for ten (10) years until it has been exhausted. However, this limitation date does not apply to the credit granted pursuant to W. Va. Code § 11-21-8g.

6.4. In accordance with the provisions of W. Va. Code § 11-24-23a, as amended in 2017, the aggregate value of credits authorized by the State Historic Preservation Officer pursuant to W. Va. Code §§ 11-21-8a and 11-24-23a may not exceed $30 million per fiscal year. Further, no more than $10 million may be allocated to any single certified rehabilitation granted pursuant to W. Va. Code §§ 11-21-8a or 11-24-23a. At least $5 million of the $30 million annual credits that may be granted pursuant to W. Va. Code §§ 11-21-8a and 11-24-23a must be set aside each year for small qualified rehabilitation projects that are eligible for a credit, not to exceed $500,000 for each allocation.

6.5. The State Historic Preservation Office must approve all Qualified Rehabilitated Buildings Investment Tax Credits, as provided for in W. Va. Code §§ 11-24-23a and 11-21-8g.

W. Va. Code R. § 110-21C-6