The proposed bill aims to amend the Code of West Virginia by introducing a new section, 11-13-2s, which establishes a tax credit for coal-fired electric generating units to help offset the costs associated with environmental compliance. The bill recognizes the importance of West Virginia's coal resources and the investments made by electric generating units to meet environmental regulations. It allows a credit equal to 35% of the expenditures incurred for installing, maintaining, or repairing Environmental Pollution Control Equipment, which is defined to include equipment necessary for compliance with environmental mandates.

Additionally, the bill stipulates that the credit cannot reduce a taxpayer's liability by more than 50% of the amount due after applying other eligible credits. Taxpayers can claim this credit on their annual tax returns, and any unused portion of the credit can be carried forward for up to five years. The Tax Commissioner is also granted the authority to create regulations to implement this section effectively. Overall, the bill seeks to incentivize the maintenance and improvement of environmental controls at coal-fired power plants, thereby supporting the continued operation of these facilities and providing affordable electricity to West Virginia residents.

Statutes affected:
Introduced Version: 11-13-2s