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Tax credits available for historic buildings - 9/2/2009

Properties in town of Bath’s historic district are eligible for certain benefits. Among them are Rehabilitation Tax Credits for historic income producing properties.

Eligibility for these tax credits requires that a structure be a contributing building in the Bath Historic District. The building must be used for income producing purposes, including commercial, rental or bed and breakfast use. The rehabilitation must be carried out in accordance with Secretary of Interior’s standards, with the advice of the West Virginia Historic Preservation Office.

The owner must spend more than $5,000 for renovation. For example, if the cost of rehabilitation was $78,000, the tax credit will be 20% of $78,000 or $15,600.

This rehabilitation is given a time frame of 24 months but may extend to five years if phased properly. Also, the commercial historic property is eligible for the 10% state tax credit which is 10% of $78,000 or $7,800.

Eligible rehabilitation tax credits would be for walls, floors, ceilings, permanent coverings such as tile, windows, doors and plumbing.

The applicants must show the historic district listing and submit two completed copies of tax applications. Photos of the building before rehabilitation and copies of any specs or blueprints are needed.

Those interested may call Chris Knorr, Assistant Director Tax Credit Coordinator at 304-558-0240 or email chris.knorr@wvculture.org.