The proposed bill establishes a tax credit aimed at encouraging investment in road and highway infrastructure improvements, as well as coal production and processing facilities in West Virginia. It introduces a new article, 11-13NN, which details the credit's title, legislative findings, definitions, and the application process. The credit is set at 50% of the taxpayer's qualified expenditures, with the ability to carry forward unused credits for up to ten years. Taxpayers must apply for certification of their projects with the Transportation Secretary, who can certify up to $100,000 in expenditures, and the bill includes penalties for failing to maintain records of qualified property.

Furthermore, the bill outlines specific provisions for qualified investments, including criteria for determining costs and the treatment of various property types. It allows for the transfer of tax credits to successors in the event of business changes and sets conditions for the forfeiture of unused credits if property is disposed of before the end of its useful life. Taxpayers are required to keep adequate records to support their claims, and the credits will take effect on January 1, 2025. Overall, the legislation aims to bolster infrastructure development while supporting the coal industry through targeted tax incentives.

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