Ohio County, W.Va (WTRF) – West Virginia’s 25% historic tax credit will now be a permanent fixture across the Mountain State following the Legislature’s passage of S.B 344. State Senator Ryan Weld was the lead sponsor of the legislation.
Wheeling Heritage expects the credit to spur more historic revitalization projects. They tell us that this tax credit is frequently the deciding factor for developers, and now that’s it’s permanent, they hope it will cut down on the risk involved when planning long-term projects.
“You know, we have several projects already in the works here in Wheeling, and over 51 million dollars of projects are either happening right now, or are slated to happen. And several other projects were kind of, you know, developers were a little iffy on whether or not they wanted to do it, knowing that the credit may expire in a year. So now that that’s not going to happen, the certainty around investment in West Virginia, specifically here in Wheeling…we feel really strongly about.”Alex Weld – Executive Director of Wheeling Heritage
Wheeling has eleven historic districts across the city, and the tax credit has been used in several projects already — including the Flatiron Building, and the Wheeling-Pitt Lofts.