HB3040: Relating to providing a credit against the business and occupation tax imposed on coal-fired electric generating units to help off-set environmental compliance costs

Legislative Summary

The purpose of this bill is to encourage and incentivize the installation, repair, and maintenance of environmental pollution control equipment at coal-fired electric generating units located in West Virginia and that serve West Virginia residents, by authorizing a credit against the business and occupation tax imposed on the business of generating electricity, thereby extending the life of coal-fired power plants, which will provide cheaper electricity to the State's residents.