This bill proposes the addition of a new section, 11-13-2s, to the Code of West Virginia, 1931, aimed at providing a tax credit for coal-fired electric generating units to help offset environmental compliance costs. The legislation outlines the state's recognition of the importance of coal as an energy resource and the significant investments made by electric generating units to meet environmental regulations. The bill authorizes a credit equal to 35% of the expenditures incurred by these units 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 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 establish regulations to implement this section. Overall, the bill aims to incentivize the maintenance and installation of pollution control equipment at coal-fired power plants, thereby supporting the longevity of these facilities and ensuring affordable electricity for West Virginia residents.

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