This bill aims to amend the Code of West Virginia by continuing the Electric Grid Stabilization and Security Fund and establishing a new article specifically for high voltage electric transmission line property. The bill clarifies the funding sources for the Electric Grid Stabilization and Security Fund, which will now include moneys received from new high voltage electric transmission line projects, alongside existing sources such as legislative appropriations and external funds. The Department of Commerce will administer the fund, which is designated for electric grid stabilization and security, excluding decommissioning and replacement of existing facilities. Additionally, the bill outlines the rules for tax distribution related to high voltage electric transmission line properties, including the requirement for owners to file annual returns with the Board of Public Works.

The new article introduces definitions relevant to high voltage electric transmission line property and establishes special rules for tax distribution starting July 1, 2026. It specifies that any property placed in service after this date will be subject to a unique tax distribution method, where a portion of the ad valorem property tax revenue will be allocated to the Electric Grid Stabilization and Security Fund, the situs county, and other counties based on population. The bill also explicitly states that properties placed in service before July 1, 2026, are excluded from these provisions, ensuring that the funding stream from new projects will help lower electric rates for West Virginians.

Statutes affected:
Introduced Version: 5B-2N-2a, 11-6M-1, 11-6M-2, 11-6M-3, 11-6M-4