HB 2716
Create a credit against the severance tax to encourage private companies to make infrastructure improvements to highways, roads and bridges in this state
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill creates a tax credit against West Virginia’s severance tax to incentivize private companies to invest in infrastructure improvements, specifically to highways, roads, and bridges, as well as capital investments in coal production and processing facilities. The credit is calculated as 50% of qualified expenditures and is subject to certain application and certification requirements. Unused credits can be carried forward for a limited time. The bill aims to encourage greater investment in infrastructure and economic opportunity within the state.
Key provisions
- Establishes a tax credit against severance tax for road and highway infrastructure improvements and coal production/processing facilities.
- The credit is 50% of qualified expenditures, as certified by the Transportation Secretary.
- Requires application for certification of infrastructure projects before claiming the credit.
- Defines terms related to the credit, including ‘eligible taxpayer,’ ‘qualified expenditure,’ and ‘road or highway infrastructure improvement.’
- Allows for transfer of credits to successors.
- Provides for forfeiture of unused tax credits if property is disposed of or ceases to be used.
- Specifies record-keeping requirements for qualified property.
- Limits the total amount of credits certified by the Transportation Secretary.
Who is affected
- Private companies
- West Virginia taxpayers subject to severance tax
- The Department of Transportation
- Coal producers and processors
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