HB 5359
To provide a funding stream from property taxes collected as a result of new high voltage electric transmission projects being constructed to lower electric rates to benefit West Virginians
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill establishes a funding stream for West Virginia to lower electric rates. It proposes a special tax on high voltage electric transmission line property, similar to property taxes on other businesses. Revenue generated from this tax will be deposited into the Electric Grid Stabilization and Security Fund. The fund will be used to support electric grid stabilization, security, and upgrades, and to maintain existing generation facilities. A portion of the tax increment will be distributed to the county where the transmission line is located and to all West Virginia counties proportionally.
Key provisions
- Creates a special tax on high voltage electric transmission line property.
- Establishes the Electric Grid Stabilization and Security Fund to receive tax revenue.
- Defines key terms related to the tax, including base assessed value, current assessed value, and tax increment.
- Requires property owners to file annual returns with the Board of Public Works.
- Directs 80% of the tax increment to the Electric Grid Stabilization and Security Fund.
- Allocates 10% of the tax increment to the county where the transmission line is located.
- Allocates 10% of the tax increment to all West Virginia counties proportionally.
- Excludes high voltage electric transmission line property placed in service before July 1, 2026, from the tax.
Who is affected
- West Virginia residents
- Electric utilities
- Property owners of high voltage transmission lines
- West Virginia counties
Sponsors
Official sponsors from legislative records.
Primary sponsor
Linville
Cosponsors
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