HB 5635 creates a 50% state tax credit for property owners who rehabilitate vacant or dilapidated residential properties in designated "coalfield" counties. The credit applies to eligible rehabilitation costs and requires properties to be used as workforce housing for educators, healthcare workers, first responders, and public employees. Projects supported by county commissions, housing authorities, or municipal redevelopment agencies receive priority. "Coalfield" counties are defined as those with historical or current economic ties to coal mining, including past or present coal-related industry activity. The bill is currently under review by the House Finance Committee.
HB 5389 creates a 30% transferable tax credit for nonprofit organizations that convert existing hotels, motels, or commercial buildings into housing for homeless veterans. The credit covers 30% of qualified redevelopment costs (like renovation and infrastructure) but excludes land acquisition, and can be applied against corporate income, personal income, or business franchise taxes. Nonprofits can sell or transfer the unused credit to other taxpayers to generate funding, with credits carrying forward up to 10 years. This aims to incentivize supportive housing without creating new state spending or entitlements, targeting veterans facing homelessness through adaptive reuse of underutilized properties.
HB 5509, the Mountain Homes Act, establishes a state-funded program to support housing construction for workers in West Virginia as the state's economy diversifies beyond energy. The bill creates the Mountain Homes Fund, which will provide financial assistance for new housing projects targeting the workforce needed to support businesses and economic development. Applicants must meet specific eligibility criteria and submit detailed applications, with the Department of Economic Development administering the fund and reporting to the legislature on its use. The program aims to remove funding barriers for housing construction, directly benefiting workers and businesses by improving housing availability in growing economic sectors.
SB 725 creates a tax-advantaged savings account program for first-time homebuyers in West Virginia. It allows eligible residents (those who haven't owned a home in 3 years) to contribute to a savings account, with contributions reducing their taxable income for state tax purposes. Funds can only be used for down payments and closing costs toward purchasing a qualifying single-family residence (including condos or manufactured homes) in West Virginia. Account holders are limited to one account, and early withdrawals for non-eligible purposes incur penalties. The program applies to West Virginia residents filing state income tax returns.
SB 627 amends West Virginia's Build WV Act to reform tax credit eligibility for residential housing projects. It replaces project cost calculations with a new cap on tax credit liability for new approvals, specifically allowing smaller projects in designated rural areas to qualify. The bill requires annual adjustments to the program based on demand and establishes a dedicated Build WV Credit Reserve Fund to manage these changes. This directly affects developers seeking tax credits for new residential construction or rehabilitation of unoccupied housing, clarifying which project expenses (like construction, utilities, and materials) qualify while excluding costs covered by other incentives.
This bill creates a property tax exemption for homeowners in West Virginia whose household income meets federal poverty guidelines. It directly affects low-income homeowners who occupy their property as their primary residence and pay school excess levies (the portion of property taxes funding schools beyond regular levies). To qualify, applicants must file an annual application between July 1 and December 1 with proof of income, residency, and property ownership, and meet residency requirements (two years in WV or specific return-from-out-of-state rules). The exemption applies only to school excess levy taxes - not regular property taxes - and must be renewed yearly.
SB 389 creates a 25% state income tax credit for property owners who rehabilitate certified historic buildings in West Virginia. The credit applies to both residential and non-residential buildings listed on the National Register of Historic Places or located in designated historic districts, as certified by the West Virginia Department of Tourism and the National Park Service. To qualify, rehabilitation work must meet "Secretary of the Interior's Standards" and cost at least 20% of the property's assessed value. Property owners can claim this credit against income taxes imposed under specific sections of the state tax code.
