The proposed bill seeks to amend the Code of West Virginia by creating a new article that establishes a tax credit aimed at enhancing road and highway infrastructure improvement projects, as well as supporting coal and natural gas production and processing facilities. The legislation outlines the short title, legislative findings, and purpose of the tax credit, which is designed to stimulate private investment in infrastructure and foster economic growth within the state. It includes definitions of key terms, specifies the credit amount, and details the application process, which requires certification from the Transportation Secretary prior to claiming any credits.

Additionally, the bill introduces provisions for determining the applicable percentage of costs associated with coal and natural gas facilities based on their useful life, and it specifies how costs are calculated, including rules for trade-ins and rental property. It allows for the transfer of tax credits to successor businesses, ensuring continuity despite changes in ownership, and sets conditions for the forfeiture of unused credits. Taxpayers are required to maintain adequate records to support their claims for credits, with the effective date for these tax credits set for tax years beginning on or after January 1, 2026.

Statutes affected:
Introduced Version: 11-13NN-1, 11-13NN-2, 11-13NN-3, 11-13NN-4, 11-13NN-5, 11-13NN-6, 11-13NN-7, 11-13NN-8, 11-13NN-9, 11-13NN-10, 11-13NN-11
Committee Substitute: 11-13NN-1, 11-13NN-2, 11-13NN-3, 11-13NN-4, 11-13NN-5, 11-13NN-6, 11-13NN-7, 11-13NN-8, 11-13NN-9, 11-13NN-10, 11-13NN-11