SB 761
Relating to in-state production of value-added forest products
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Sign in to take action- Introduced
- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill creates a tax credit program in West Virginia to incentivize the production of value-added forest products within the state. It aims to encourage manufacturers to transform West Virginia-harvested roundwood into products like veneer, lumber, and wood pellets. The program offers tiered tax credits based on the volume of qualified non-roundwood products produced, with an option for enhanced rates for new facilities and expansions. The bill also includes provisions for defining key terms, establishing eligibility requirements, and outlining penalties for inaccurate reporting.
Key provisions
- Provides tax credits to manufacturers who transform West Virginia harvested roundwood into qualified non-roundwood products.
- Offers tiered tax credits based on annual production volume (green tons).
- Includes an enhanced tax credit rate for new facilities and qualifying expansions for five years.
- Requires manufacturers to self-report production data and undergo audits.
- Defines key terms such as ‘non-roundwood product,’ ‘West Virginia sourced feedstock,’ and ‘minimum transformation standard.’
- Establishes penalties for falsifying records or submitting inaccurate claims.
- Allows credits to be applied to either corporate or personal income tax liability.
- Sets an annual cap on the total credit a facility can receive.
Who is affected
- Manufacturers of forest products
- West Virginia timber producers
- Businesses operating in West Virginia
- Taxpayers (corporations and pass-through entities)
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