The proposed bill establishes a tax credit aimed at incentivizing private 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 outlines the credit's title, legislative findings, definitions, and eligibility criteria. Taxpayers can claim a credit equal to 50% of their qualified expenditures, contingent upon obtaining certification from the Transportation Secretary prior to the commencement of any project construction. The bill also details the application process, including the necessary documentation and review procedures, while allowing for the carryforward of unused credits for up to ten years, after which they will be forfeited.

Additionally, the bill includes specific provisions for calculating qualified investments in coal production and processing facilities, addressing various property types and their cost determinations. It mandates that taxpayers maintain adequate records to identify qualified property and imposes penalties for non-compliance. The tax credits will be effective for tax years beginning on or after January 1, 2026, and the legislation aims to enhance economic opportunities in West Virginia by promoting capital investment in both infrastructure and coal production, while ensuring a controlled issuance of credits by the Secretary of Transportation.

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