This bill aims to amend the Code of West Virginia by introducing a new article focused on incentivizing the in-state production of value-added forest products. It establishes a framework for tax credits available to manufacturers who transform West Virginia-harvested roundwood into qualified non-roundwood products. The bill outlines definitions for key terms, eligibility criteria, and compliance standards, while also detailing the application process for tax credits. The incentives are structured in a tiered system based on the volume of green tons processed, with specific rates and caps for both standard and enhanced credits for new facilities or expansions.

Additionally, the bill includes provisions for penalties related to falsification or misrepresentation of claims, ensuring that manufacturers adhere to the established guidelines. The Division of Economic Development is granted rulemaking authority to implement the article and conduct audits to verify compliance. Overall, the legislation seeks to bolster the local economy by promoting sustainable forestry practices and supporting the growth of the forest products industry in West Virginia.

Statutes affected:
Introduced Version: 5B-12-1, 5B-12-2, 5B-12-3, 5B-12-4, 5B-12-5, 5B-12-6, 5B-12-7, 5B-12-8