Bill > SB523

This bill establishes a new tax in West Virginia on the extraction of water used for hydraulic fracturing, a process commonly known as "fracking," which is used to extract natural gas from underground rock formations. Specifically, it imposes a privilege tax of 1 cent per gallon of water extracted for this purpose. This tax is in addition to any other taxes already in place and will be collected monthly. The revenue generated from this tax will be deposited into a newly created fund called the "Water for Public Works Fund," which will be used to support the development and expansion of public water works.