HB4035 provides a tax credit for coal-fired electric generating units in West Virginia to offset environmental compliance costs.

HB4035 allows a credit against the business and occupation tax for coal-fired electric generating units in West Virginia to help offset costs related to installing, repairing, and maintaining Environmental Pollution Control Equipment. The credit is limited to 50% of the tax liability and can be carried forward if unused. The bill aims to encourage the installation and maintenance of equipment designed to comply with environmental regulations, including carbon capture and reduction technologies. The Tax Commissioner has the authority to create regulations to implement this credit.

HB4035 provides a tax credit for coal-fired electric generating units in West Virginia to offset environmental compliance costs.

HB4035 allows a credit against the business and occupation tax for coal-fired electric generating units in West Virginia to help offset costs related to installing, repairing, and maintaining Environmental Pollution Control Equipment. The credit is limited to 50% of the tax liability and can be carried forward if unused. The bill aims to encourage the installation and maintenance of equipment designed to comply with environmental regulations, including carbon capture and reduction technologies. The Tax Commissioner has the authority to create regulations to implement this credit.