West Virginia HB5432 establishes a tax credit for taxpayers assisting with disaster repair and recovery efforts.

West Virginia HB5432 introduces a disaster repair and recovery effort tax credit for taxpayers subject to the severance and business privilege tax. The bill aims to encourage private sector involvement in disaster recovery by offering a tax credit for qualified expenditures. Eligible taxpayers can claim a credit for up to 20% of their annual severance tax liability, subject to certification by the Secretary of the Department of Environmental Protection. The bill sets a maximum limit of $5 million for certified expenditures and allows unused credits to be carried forward for up to nine years.

West Virginia HB5432 establishes a tax credit for taxpayers assisting with disaster repair and recovery efforts.

West Virginia HB5432 introduces a disaster repair and recovery effort tax credit for taxpayers subject to the severance and business privilege tax. The bill aims to encourage private sector involvement in disaster recovery by offering a tax credit for qualified expenditures. Eligible taxpayers can claim a credit for up to 20% of their annual severance tax liability, subject to certification by the Secretary of the Department of Environmental Protection. The bill sets a maximum limit of $5 million for certified expenditures and allows unused credits to be carried forward for up to nine years.