This bill proposes amendments to the Code of West Virginia by introducing a new article that eliminates the tax credit for solar, wind, or other renewable energy systems specifically for corporations and other entities. The bill defines various terms related to renewable energy systems, including "active solar system," "biomass energy," "geothermal energy," and "wind system," among others. It establishes that any corporation or entity that builds or operates a renewable energy system must adhere to specific restrictions, such as maintaining a minimum setback of one mile from residential homes and providing proof of substantial liability insurance for cleanup and restoration in the event of a disaster.

Additionally, the bill clarifies that while the tax credit for renewable energy systems is eliminated for corporate entities, it will still be available for individual taxpayers with residential renewable energy systems. The State Tax Commissioner is tasked with promulgating rules to enforce this elimination of the tax credit for corporations, ensuring that no corporate taxpayer can claim a credit for solar energy systems installed after July 1, 2025. However, the rules will not affect individual taxpayers who install residential renewable energy systems.

Statutes affected:
Introduced Version: 11-13NN-1, 11-13NN-2, 11-13NN-3