Source: http://www.wvlegislature.gov/Bill_Status/bills_text.cfm?billdoc=hb3240%20intr.htm&yr=2011&sesstype=RS&i=3240
Timestamp: 2018-04-26 02:30:29
Document Index: 368415897

Matched Legal Cases: ['§11', '§11', '§11', '§11', '§11', '§24']

HB 3240 Text
Introduced Version House Bill 3240 History
H. B. 3240
A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new article, designated §11-13BB-1, §11-13BB-2, §11-13BB-3, §11-13BB-4 and §11-13BB-5; and to amend and reenact §24-2-1j of said code, all relating to the establishment of tax credits against the coal severance tax and payments by taxpayers claiming the credit to utilities providing electric service to energy intensive industrial consumers at special rates; legislative findings; defining certain terms; and setting forth the amount of the tax credits, when the tax credits may be taken, how the tax credits are to be calculated and allocated, how the payments triggered by the tax credits are to be made to utilities, and when the provisions authorizing the tax credit expire.
NOTE: The purpose of this bill is to The purpose of this bill is to provide a tax credit for electric utilities that provide electric service to energy intensive industrial consumers under a special rate that is approved by the Public Service Commission, of which the primary ultimate economic beneficiary will be the energy intensive industrial consumer. Each taxpayer paying five percent coal severance tax would be entitled to a credit against that tax as determined by the Public Service Commission, in order to provide for a special rate for energy intensive industrial consumers in cases where such special rate would create a revenue shortfall to the electric utility providing such special rate, which would not be reasonable to allocate to other customers of the utility. The taxpayer claiming the tax credit must make equal payment to the electric utility providing the electric service to the energy intensive industrial consumer receiving the special rate. In no event may the amount of the tax credit exceed fifty million dollars in any year in respect of any individual special rate.