HB 4479
Timber Innovation and Manufacturing Boost for Economic Revitalization Act
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- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill, the Timber Innovation and Manufacturing Boost for Economic Revitalization Act, aims to encourage the production of value-added forest products within West Virginia. It provides tax credits to manufacturers who transform West Virginia-harvested roundwood into qualified non-roundwood products like veneer or engineered lumber. The bill establishes tiered credit rates based on production volume and offers enhanced rates for new facilities and expansions, with specific requirements for sourcing and processing to qualify.
Key provisions
- Provides tax credits to manufacturers who process West Virginia-sourced wood into qualified non-roundwood products.
- Offers tiered credit rates based on annual green ton production volume.
- Includes an enhanced tax credit for new facilities and qualifying expansions for five years.
- Requires manufacturers to use West Virginia-sourced feedstock to qualify for the credits.
- Establishes definitions for key terms, including ‘non-roundwood product’ and ‘ineligible activities’.
- Creates a process for manufacturers to self-report production data and undergo audits.
- Includes penalties for falsifying records or submitting inaccurate claims.
- Allows credits to be applied to either corporate or personal income tax liability.
Who is affected
- Manufacturers of forest products
- West Virginia timber producers
- Businesses involved in value-added wood processing
- Taxpayers (corporations and pass-through entities)
Sponsors
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Primary sponsor
G. Howell
Cosponsors
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