Wheeling Historic Landmarks Commission, Residents Learn About Historic Tax Credits
photo by: Shelley Hanson
WHEELING – The Wheeling Historic Landmarks Commission recently learned more about historic tax credit opportunities during a presentation held by a state official.
Meredith Dreistadt, Tax Credit coordinator for the West Virginia State Historic Preservation Office, conducted the presentation regarding tax credit legislation for the commission. There were also several residents in attendance who listened as well.
Dreistadt went over the process of applying for historic tax credits and the different types of credits. She also talked about building eligibility and the Secretary of the Interior’s Standards for Rehabilitation.
Such a presentation is important for Wheeling as the city has several historic districts containing housing that may be eligible for such assistance.
According to information provided by Dreistadt, there are separate federal and state income tax credits people can take advantage of. The federal income tax credit is available for income producing properties or commercial properties, but not for residential properties.
The state credit can be used for both rental and commercial properties and private residences.
“These credits are substantial, as the federal credit is equal to 20% of the capital investment in the building, and the West Virginia state income tax credit is equal to 25% of the capital investment in the building,” according to Dreistadt’s information.
Regarding the state tax credit, one must fill out an application and have their work approved beforehand. The state tax credit for private residences applies the credit directly against the taxes owed by the property owner.
“The building must be listed on the National Register of Historic Places either individually or as a contributing building in a historic district that is listed on the National Register of Historic Places,” according to Dreistadt’s information.
The residence must be listed on the historic register before the application is submitted.