West Virginia SB893 provides a state tax credit for biochar manufacturing facilities to incentivize investment.

West Virginia SB893 introduces a state tax credit for biochar manufacturing facilities. The bill allows eligible taxpayers to claim a credit equal to 10% of the federal carbon oxide sequestration credit for biochar production. This credit can be used to offset corporate net income tax liability, with certain limitations and duration. The bill aims to encourage private investment in biochar manufacturing by leveraging federal tax incentives. The credit can be claimed for up to 12 years after the facility begins operations, subject to verification by the Internal Revenue Service.

West Virginia SB893 provides a state tax credit for biochar manufacturing facilities to incentivize investment.

West Virginia SB893 introduces a state tax credit for biochar manufacturing facilities. The bill allows eligible taxpayers to claim a credit equal to 10% of the federal carbon oxide sequestration credit for biochar production. This credit can be used to offset corporate net income tax liability, with certain limitations and duration. The bill aims to encourage private investment in biochar manufacturing by leveraging federal tax incentives. The credit can be claimed for up to 12 years after the facility begins operations, subject to verification by the Internal Revenue Service.