HB2510: To establish the Rare Earth Element and Critical Mineral Investment Tax Credit Act

Legislative Summary

The purpose of this bill is to create the Critical Mineral Investment Tax Credit Act of 2023. The bill exempts rare earth elements, critical minerals, and carbon-based products otherwise taxed elsewhere in code. The amount of credit allowable depends upon the cost of the qualified investment property and the number of new jobs created. Property that qualifies for another tax credit in chapter 11 of the West Virginia Code is not eligible for credit under this bill. Similarly, qualified investment property under this bill is not eligible for another credit under chapter 11 of the code. The bill includes rules for administration and enforcement of the credit. If enacted, the credit would apply to qualified investment property placed in service or use at a rare earth element or critical mineral mining or processing facility, or a manufacturing facility that uses rare earth elements or critical minerals in this state. The bill allows for qualified investment. The bill provides for an effective date. Finally, the bill establishes clear legal right to the title of chemical compounds, elements, and substances that are derived from the treatment of acid mine drainage on mined lands.