SB 79
Establishing road or highway infrastructure improvement projects or coal production and processing facilities tax credit
Take action
Record your position on this measure.
Sign in to record your position, submit testimony, or contact your legislator.
Sign in to take action- Introduced
- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
Senate Bill 79 proposes establishing a tax credit for West Virginia taxpayers who invest in road or highway infrastructure improvements or coal production and processing facilities. The bill aims to incentivize private investment in these areas, boost economic opportunity within the state, and promote the general welfare. It outlines specific requirements for claiming the credit, including application procedures, eligible expenditures, and record-keeping standards. The bill also addresses the transferability of credits and potential forfeitures.
Key provisions
- Creates a tax credit for road or highway infrastructure improvement projects and coal production/processing facilities.
- Defines eligible taxpayers and qualified investments.
- Specifies the amount of the credit as 50% of qualified expenditures.
- Requires application for certification from the Transportation Secretary before claiming the credit.
- Establishes procedures for application review and credit limitation.
- Allows for the transfer of credits to successors.
- Provides for forfeiture of unused credits after 10 years.
- Requires taxpayers to maintain records of qualified property.
Who is affected
- Taxpayers subject to West Virginia severance tax
- Businesses involved in coal production and processing
- The Department of Transportation
- The Tax Commissioner
- The general public of West Virginia
Notable changes
Arguments in favor
Reasons to support this legislation.
No arguments in favor have been submitted.
Submit yoursArguments opposed
Reasons to oppose this legislation.
No arguments opposed have been submitted.
Submit yours