Below are the various tax credits. Please click on each tab to learn more.
The Historic Tax Credit (HTC) program encourages private-sector investment in the rehabilitation and re-use of historic buildings. The federal tax credit allows program participants to claim 20% of eligible improvement expenses against their federal tax liability.
The State of West Virginia offers a comparable historic tax credit of 25% that is able to be paired with the federal tax credit; therefore, an eligible project could qualify for up to 45% of tax credits for the renovation of a histrionic building.
The property MUST be a certified historic building and listed on the National Register of Historic Places
Click the images below for These Helpful Resources:
Historic Tax Credit Tool Kit
Historic Tax Credit Interactive Road Map
The New Market Tax Credits (NMTC) Program attracts private capital into low-income and/or distressed communities by permitting individual and corporate investors to receive a tax credit against their federal income tax in exchange for making equity investments in specialized financial intermediaries called Community Development Entities (CDEs)
When utilized, NMTC can account for a 20-30% reduction in the overall cost of a project.
According to the Economic Innovation Group, Opportunity Zones are a new community development program established by Congress in the Tax Cuts and Jobs Act of 2017 to encourage long-term investments in low-income urban and rural communities nationwide. The Opportunity Zones program provides a tax incentive for investors to re-invest their unrealized capital gains into Opportunity Funds that are dedicated to investing in Opportunity Zones designated by the chief executives of every U.S. state and territory.
In Wood County, West Virginia, we have two designated Opportunity Zones including:
1. The Downtown Central Business District
2. Mixed manufacturing, commercial and residential areas near U.S. 50 and the Little Kanawha River.
Click the image below to view Opportunity Zone Prospectus