West Virginia HB5399 proposes a state tax credit for biochar manufacturing facilities that align with federal carbon oxide sequestration incentives.
West Virginia HB5399 introduces a tax credit for biochar manufacturing facilities located within the state. The credit is available to eligible taxpayers who operate a qualified facility and are also allowed a federal income tax credit for carbon oxide sequestration related to biochar production. The credit is ten percent of the federal credit amount and can be claimed for up to 12 years following the facility's operation start date. The bill aims to encourage private investment in biochar manufacturing, leveraging existing federal tax incentives through a state income tax credit.
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