Bill > HB5359

This bill establishes a new funding stream derived from property taxes generated by new high-voltage electric transmission projects to ultimately lower electric rates for West Virginians. It amends existing law to continue the Electric Grid Stabilization and Security Fund, managed by the Department of Commerce, which will receive moneys from various sources, including appropriations, external funds, investment earnings, and crucially, from a new special tax method for high-voltage electric transmission line property. This new method, detailed in Article 6M, defines terms like "high voltage electric transmission line property" and "incremental value," which is the difference between a project's base assessed value (its value when first put into service) and its current assessed value. Starting July 1, 2026, property taxes collected on the "tax increment" – the increase in value above the base assessed value – will be distributed, with 80% going to the Electric Grid Stabilization and Security Fund, 10% to the situs county where the property is located, and 10% to all counties on a per capita basis. The bill also clarifies that this new tax method applies only to high-voltage electric transmission line property placed in service on or after July 1, 2026.

Budget and Finance

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=5359&year=2026&sessiontype=RS&btype=bill