Overview
The goal of the Residential Tax Credit program is to provide a financial incentive to property owners who undertake substantial rehabilitations of their historic residences while preserving the historic character.
Eligibility
To qualify for the Historic Residential Tax Credit, applicants must met the following requirements:
- Buildings must be listed in the National Register of Historic Places.
- The building must be a structure in which the applicant for the HTC resides and is generally not income-producing.
- The rehabilitation work must comply with the Secretary of the Interior’s Standards for Rehabilitation.
- “Material rehabilitation test” must be met by spending at least 20% of the assessed value of the building on rehabilitation work.
Regulations
To qualify the projects must adhere to the following regulations:
- Substantial rehabilitation must take place in a 24 month period with the starting date determined by the taxpayer.
- Any portion of the credit which cannot be fully used in the taxable year for which it is earned may be carried forward for up to five years.
- The credits are limited to eligible work performed on the interior and exterior of the listed building.
How to Apply
An application must be filed with the West Virginia State Historic Preservation Office, and can be filed at any time throughout the year. Our office recommends that the application be submitted and approved before work on the project begins.
Submit your application via our online portal GOapply.