CHARLESTON, W.Va - Gov. Earl Ray Tomblin, today, signed Senate Bill 1002, which dedicates an additional percentage of coal severance tax revenues to the counties where the coal was mined.
"West Virginia is enjoying a stable economy at a time of uncertainty elsewhere in the nation," Gov. Tomblin said. "This dedicated revenue will allow the counties whose natural resources are contributing to the health of our state's economy a greater share of the benefits those resources provide."
Senate Bill 1002 reallocates revenue from the coal severance tax in 1 percent increments over the next five years, beginning July 1, 2012. Ultimately an additional 5 percent will be directed to the counties by fiscal year 2017. The revenue dedicated by legislation will be placed in a special fund called the Coal County Reallocated Severance Tax Fund to be used on economic development and infrastructure projects. Senate Bill 1002 caps the amount distributed to the counties at $20 million per year.