West Virginia SB761 provides tax credits to encourage in-state production of value-added forest products.

West Virginia SB761 aims to boost the in-state production of value-added forest products by offering tax credits. The bill defines eligible products as those that undergo material transformations, excluding simple cutting or sorting. Credits can be applied to corporate net income tax or personal income tax for pass-through entities. A temporary enhanced tax credit is available for new facilities and expansions for five years. The Division of Economic Development oversees compliance and can impose civil penalties for violations.

West Virginia SB761 provides tax credits to encourage in-state production of value-added forest products.

West Virginia SB761 aims to boost the in-state production of value-added forest products by offering tax credits. The bill defines eligible products as those that undergo material transformations, excluding simple cutting or sorting. Credits can be applied to corporate net income tax or personal income tax for pass-through entities. A temporary enhanced tax credit is available for new facilities and expansions for five years. The Division of Economic Development oversees compliance and can impose civil penalties for violations.