The proposed bill aims to amend the Code of West Virginia by introducing a new article that eliminates the tax credit for corporations and other entities that install solar, wind, or other renewable energy systems. Specifically, it establishes definitions for various renewable energy systems, including active solar systems, biomass energy systems, geothermal systems, and wind systems. The bill also outlines restrictions for these systems, mandating that any corporation or entity operating a renewable energy system must maintain a minimum setback of one mile from residential homes and provide proof of substantial liability insurance for potential cleanup and restoration in the event of a disaster.

Additionally, the bill clarifies that the elimination of the tax credit applies only to corporate entities, while individual taxpayers with residential renewable energy systems will still be eligible for the credit. The State Tax Commissioner is tasked with promulgating rules to enforce this change, ensuring that no corporate taxpayer can claim a credit for solar energy systems installed after July 1, 2024. This legislative move reflects a shift in policy towards renewable energy incentives, focusing on personal taxpayers while restricting corporate benefits.

Statutes affected:
Introduced Version: 11-13BB-1, 11-13BB-2, 11-13BB-3