West Virginia Innovative Mine Safety Technology Tax Credit Act Passes.
Late Saturday evening before the annual legislative session concluded, HB 2955 was adopted which generally raises permit fees for surface mining facilities.
However, the legislation was amended earlier in the day by the State Senate by amending the provisions of SB 519 into the House bill, to establish the “West Virginia Innovative Mine Safety Technology Tax Credit Act”.
The “West Virginia Innovative Mine Safety Technology Tax Credit Act” encourages new investment in mine safety technologies by providing for a credit against business franchise and corporate net taxes up to fifty percent (50%) of the investment cost of qualifying safety technologies.
The Act requires the Mine Safety Technology Task Force and director of the WV Office of Miners’ Health, Safety & Training to develop a list of approved innovative mine safety technologies which qualify for the tax credit. Safety protection or technologies required by state or federal law are excluded from the Act.
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