SB 131
Creating credit against severance tax for certain infrastructure improvements
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Sign in to take action- Introduced
- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
Senate Bill 131 proposes a tax credit for certain taxpayers subject to West Virginia’s severance tax. This credit is designed to incentivize investment in infrastructure improvements, specifically roads and highways, and capital investments in coal production and processing facilities within the state. The credit is calculated as 50% of qualified expenditures and can be carried forward for up to 10 years. The bill establishes specific requirements for application, certification, and record-keeping to ensure the credit is appropriately administered.
Key provisions
- Creates a tax credit for qualified expenditures on road or highway infrastructure improvements.
- Establishes a separate tax credit for qualified investments in coal production and processing facilities.
- The credit is 50% of qualified expenditures, with a maximum annual allowance.
- Requires application for certification from the Secretary of Transportation before claiming the credit.
- Specifies procedures for application, certification, and review of credit applications.
- Allows for the transfer of credits to successors.
- Provides for forfeiture of unused tax credits after 10 years.
- Requires taxpayers to maintain records of qualified property.
Who is affected
- Taxpayers subject to West Virginia severance tax
- Coal producers and processors
- The Department of Transportation
- The West Virginia State Tax Department
- Businesses investing in infrastructure in West Virginia
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