This bill proposes the addition of a new section, 11-13-2s, to the Code of West Virginia, aimed at providing a tax credit against the business and occupation tax for coal-fired electric generating units. The credit is intended to help offset the costs associated with environmental compliance, specifically for expenses related to the installation, repair, and maintenance of Environmental Pollution Control Equipment. The bill recognizes the importance of coal as an energy resource in West Virginia and acknowledges the significant investments made by electric generating units to meet environmental regulations.

Under the proposed legislation, the tax credit would amount to 35% of the expenditures incurred by taxpayers for qualifying environmental equipment. However, the credit cannot reduce a taxpayer's liability by more than 50% of the total tax due after accounting for other credits. Additionally, any unused portion of the credit can be carried forward for up to five years. The bill also grants the Tax Commissioner the authority to establish necessary regulations to implement this tax credit effectively. Overall, the legislation aims to incentivize the continued operation and maintenance of coal-fired power plants in West Virginia, ultimately benefiting the state's residents through more affordable electricity.

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