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West Virginia Free Printable  for 2024 West Virginia Schedule RBIC Residential Historic Rehabilitated Buildings

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Schedule RBIC Residential Historic Rehabilitated Buildings
Form RBIC

SCHEDULE RBIC HISTORIC REHABILITATED BUILDINGS INVESTMENT CREDIT (For Investments Made After June 6, 1990) The purpose of the Historic Rehabilitated Buildings Investment Credit is to encourage the restoration of buildings of historical significance within West Virginia. Obtain Publication TSD-380 for additional guidelines and procedures for claiming the credit. ELIGIBLE TAXPAYERS Eligibility for the Historic Rehabilitated Buildings Investment Credit is limited to taxpayers making qualified rehabilitation project expenditures on income producing properties on or after June 6, 1990 for a project located in West Virginia and receiving certification from the National Park Service for such expenditures. AMOUNT OF CREDIT A credit of ten percent (10%) of the qualified expenditures for the rehabilitation of residential and nonresidential buildings designated by the National Park Service, United States Department of the Interior as “certified historic structures,” and further defined as a “qualified rehabilitated structure,” may be taken against West Virginia Personal Income Tax and West Virginia Corporation Net Income Tax. Projects for which an application, Part 2-Description of Rehabilitation, was received by the state historic preservation office after December 31, 2017 are eligible for an increased credit of twenty-five percent (25%) for qualified investments occurring after December 31, 2017. However, the twenty-five percent credit earned for qualified rehabilitation expenditures after December 31, 2017, may not be used to offset tax liabilities of the taxpayer prior to tax years beginning on or after January 1, 2020. Unused credits for expenditures before 2018 (10%) may be carried back for one year and then carried forward for twenty years in a method identical to that provided for in the federal credit law. Unused credits for tax years after 2017 (25%) and available for use beginning on or after January 1, 2020 cannot be carried back to a prior year but can be carried forward. Credits are typically treated as first in, first out (FIFO). Credits carried forward from prior periods MUST be used first. The statute requires that the building or area be located within West Virginia to be eligible for the investment credit and requires review by the West Virginia Department of Culture and History. Effective for rehabilitations completed after July 1, 2022, the West Virginia State Historic Preservation Office shall permit approved projects to follow a phased rehabilitation plan that is consistent with phasing guidance issued by the National Park Service. NOTE: In order to claim the West Virginia Historic Rehabilitated Buildings Investment Credit, you must also qualify for the Federal Certified Historic Structures Credit. You should attach a copy of your request for a final National Park Service (NPS) certification (NPS Form 10-168c) or Phase Advisory Determination (NPS Form 10-168b) along with Schedule RBIC (Historic Rehabilitated Buildings Investment Credit) to your state income tax return. Revised August 2022 Page 1 of 3 SCHEDULE RBIC HISTORIC REHABILITATED BUILDINGS INVESTMENT CREDIT (For Investments Made After June 6, 1990) INSTRUCTIONS Line 1. Enter the amount of qualified rehabilitation expenditures for certified historic structures located within West Virginia that were incurred on or after June 6, 1990 and on or before December 31, 2017. Line 2. To calculate the credit earned, enter 10% of the amount shown on Line 1. Line 2a. Enter the amount of 10% credit earned on Line 2 which has been claimed in prior years or transferred/sold to another taxpayer. Line 2b. To calculate the 10% credit available, subtract Line 2a from Line 2. Line 3. Enter the amount of qualified rehabilitation expenditures that were incurred after December 31, 2017 for projects whose applications, Part 2, were submitted to the state preservation office after December 31, 2017. Line 4. To calculate the credit earned, enter 25% of the amount shown on Line 3. Line 4a. Enter the amount of 25% credit earned on Line 4 which has been claimed in prior years or transferred/sold to another taxpayer. Line 4b. To calculate the 25% credit available, subtract Line 4a from Line 4 Line 5. Add lines 2b and 4b. Line 6. Enter the number(s) assigned to the project(s) by the National Park Service. In order to receive the credit, a copy of the request for final National Park Service (NPS) certification (NPS Form 10-168c) or the Phase Advisory Determination (NPS Form 10-168b) should be attached. Line 7. Enter the identifying number of the flow-through entity in the space provided if the credit is a flow-through resulting from an investment by a partnership, S corporation, estate, or trust. Line 8. Enter your West Virginia pre-credit tax liability for the current tax year. (Individuals Form IT-140, Line 8); (Corporations – Form WV\CNT-112, Line 7). Line 9a. Enter amounts of all other allowable tax credits claimed on your return. Line 9b. To determine your maximum credit offset, subtract the amount on Line 9a from the amount on Line 8. Line 10. To calculate the total allowed credit, enter the smaller of Line 5 or Line 9b. This is the Historic Rehabilitated Buildings Investment Credit for the current tax year. Line 11. To calculate the excess 10% credit available for carryback to the prior year, subtract the amount of Line 10 attributable to line 2 (10% credit) from the amount on Line 2b. Line 12. If, after application of tax credit to the current year’s income tax liability, credit remains on Line 11, this may be used to eliminate the tax liability for the past year (10% credit only). Line 13a. To determine the 10% credit carryforward, subtract any carryback credit claimed on Line 12 from the excess 10% credit on Line 11. Line 13b. To determine the 25% credit carryforward, subtract the amount of Line 10 attributable to line 4 (25% credit) from Line 4b. Revised August 2022 Page 2 of 3 SCHEDULE RBIC HISTORIC REHABILITATED BUILDINGS INVESTMENT CREDIT (For Investments Made After June 6, 1990) Name Identification Number Street Address City 1 State Qualified Rehabilitation expenditures for certified Historic structures incurred on or after June 6, 1990 and on or before December 31, 2017 2 Credit earned (Enter 10% of amount shown on Line 1). 2a. Enter the amount of 10% credit earned on Line 2 which has been claimed in prior years or transferred to another taxpayer. Zip 1 2 2b. Subtract Line 2a from Line 2. This is your available 10% credit 3 Qualified rehabilitation expenditures incurred after December 31, 2017 (For applications, Part 2, submitted after December 31, 2017 only) 2a 2b 4 Credit earned (Enter 25% of amount shown on Line 3). 4a. Enter the amount of 25% credit earned on Line 4 which has been claimed in prior years or transferred to another taxpayer. 3 4 4b 4a Subtract Line 4a from Line 4. This is your available 25% credit 4b 5 Total credit available (add lines 2b and 4b) 6 Enter National Park Service number(s) (National Park Service Certification(s) or Phase Advisory Determination must be attached) 7 Enter the flow-through entity’s identifying number, if applicable. (See Instructions) 5 8 Enter your pre-credit income tax liability. 9a Enter amounts of all other allowable credits claimed (i.e. Tax paid to other States, Small Business, Military Employment, and Economic Opportunity) 6 7 8 9b 9a Subtract amount on Line 9a from the amount on Line 8 9b 10 Total allowed credit - Enter smaller of Line 5 or Line 9b. (This is your credit) 11 Excess 10% Credit Subtract the amount on Line 10 attributable to line 2 (10% credit) from the amount on Line 2b Credit Carryback: Enter the amount from Line 11 carried back to last year. (Not available for 25% credit earned on expenditures made after December 31, 2017) Credit Carryforward for expenditures before 2018 (10%): Subtract the credit carryback on Line 12 from Line 11. This is your remaining 10% credit for carryforward Credit Carryforward for expenditures after 2017 (25%): Subtract the total claimed on Line 10 attributable to line 4 from the amount on Line 4b. This is your remaining 25% credit for carryforward 10 12 13a 13b Revised August 2022 11 12 13a 13b Page 3 of 3
Extracted from PDF file 2023-west-virginia-form-rbic.pdf, last modified December 1969

More about the West Virginia Form RBIC Corporate Income Tax Tax Credit TY 2023

We last updated the Schedule RBIC Residential Historic Rehabilitated Buildings in February 2024, so this is the latest version of Form RBIC, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form RBIC directly from TaxFormFinder. You can print other West Virginia tax forms here.


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Related West Virginia Corporate Income Tax Forms:

TaxFormFinder has an additional 75 West Virginia income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the West Virginia Form RBIC.

Form Code Form Name
Form RBIC-A Schedule RBICA Residential Historic Rehabilitated Buildings

Download all WV tax forms View all 76 West Virginia Income Tax Forms


Form Sources:

West Virginia usually releases forms for the current tax year between January and April. We last updated West Virginia Form RBIC from the Department of Revenue in February 2024.

Show Sources >

Form RBIC is a West Virginia Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.

About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of West Virginia Form RBIC

We have a total of ten past-year versions of Form RBIC in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2015 Form RBIC

WV_SCH RBIC

WV_SCH RBIC 2013 Form RBIC

WV_SCH RBIC

WV_SCH RBIC 2012 Form RBIC

WV_SCH RBIC

WV_SCH RBIC 2011 Form RBIC

WV_SCH RBIC


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