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msgr77

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Senate Bill 605 - Mine Safety Tax Credit

posted on Apr 28, 2009 05:09PM

FYI...

Info about the bill
Source: http://www.legis.state.wv.us/Bill_St...

Senate Bill No. 605

(By Senators Caruth, Prezioso, White, Palumbo,

Sypolt, Williams, Barnes, Unger, Deem, Plymale, Stollings and Kessler)

____________

[Introduced March 16, 2009; referred to the Committee on the Judiciary; and then to the Committee on Finance.]

____________

A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §11-12B-3a, relating to providing a tax credit for purchase of new safety equipment.

Be it enacted by the Legislature of West Virginia:
That the Code of West Virginia, 1931, as amended, be amended by adding thereto a new section, designated §11-12B-3a, to read as follows:
ARTICLE 12B. MINIMUM SEVERANCE TAX ON COAL.
§11-12B-3a. Credit for purchase of new safety equipment.
(a) The Mine Safety Technology Task Force, established in section two, article eleven, chapter twenty-two-a of this code, shall compile an annual list of new safety equipment that would improve coal mine health and safety.
(b) Any company that purchases new safety equipment that is on the annual list as provided in subsection (a) of this section shall be allowed a fifty percent credit against the severance tax imposed by this article for the cost of the equipment purchased.

NOTE: The purpose of this article is to allow for a tax credit for coal companies that purchase new safety equipment that is approved by the Mine Safety Technology Task Force.

This section is new; therefore, strike-throughs and underscoring have been omitted.

Bill Status - 2009 Regular Session
Source: http://www.legis.state.wv.us/Bill_St...

BILL HISTORY:

Date	Action	Journal Page
03/25/09	On second reading to Finance	60
03/25/09	Read 1st time	59-60
03/25/09	On 1st reading
03/25/09	Immediate consideration	59-60
03/25/09	Committee substitute reported, but first to Finance	58-59
03/16/09	To Judiciary	10
03/16/09	To Judiciary then Finance	10
03/16/09	Introduced in Senate	10
03/16/09	To Judiciary then Finance
03/16/09	Filed for introduction

Mine safety tax cut proposed

By Erica Peterson

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March 16, 2009 · Senate Bill 605 would give coal companies a 50 percent tax credit for purchasing new safety equipment.

The bill is a reincarnation of one that was introduced soon after the disaster at Sago. By law, coal companies are required to purchase certain safety equipment, but lead sponsor Senator Don Caruth says he hopes the tax credit will encourage companies to buy the best and most effective equipment available.

“The governor said at that time, and I think still believes, that West Virginia should be the leader in technology or mining safety technology,” he said. “I think one way to encourage that we be the best in mine safety technology is for the state to invest itself in that technology giving a tax credit to companies that will go out and seek the best technology available.”