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 aimed at reducing air, water, or land pollution, as well as carbon capture technologies.

Additionally, the bill stipulates that the tax credit cannot reduce a taxpayer's liability by more than 50% of the amount due after applying any other 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 necessary for implementing this section. Overall, the bill seeks to incentivize the maintenance and improvement of environmental controls at coal-fired power plants, thereby supporting the longevity of these facilities and providing more affordable electricity to West Virginia residents.

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