Bill > HB2716

This bill creates a new tax credit program to encourage private companies in West Virginia to invest in highway, road, and bridge infrastructure improvements, as well as coal production and processing facilities. Specifically, eligible taxpayers who make qualified expenditures can receive a tax credit equal to 50% of their investment against their annual severance tax liability. Companies must apply to the Transportation Secretary for project certification before beginning work, and there is a limit of $100,000 in total certified expenditures. The credit can be used against up to 20% of a taxpayer's annual severance tax and can be carried forward for up to 10 years if not fully used. The bill defines various terms like "eligible taxpayer" and "expenditures," and provides detailed rules about how the credit is calculated based on the useful life of investments in infrastructure or coal facilities. The tax credit is designed to promote economic development by incentivizing private sector investments in infrastructure and coal-related infrastructure, with the goal of improving transportation networks and supporting the coal industry in West Virginia. The credit will be available for tax years beginning on or after January 1, 2025.

Business and Industry, Transportation and Infrastructure

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=2716&year=2025&sessiontype=RS&btype=bill