Gov. Earl Ray Tomblin today issued the following statement, praising the West Virginia Senate and House of Delegates for the passage of House Bill 4086. The bill relates to a personal property tax reduction for construction of a $2 billion ethane steam cracker in West Virginia.
"To spur economic development, attracting an ethane steam cracker has been my number one goal and I am so pleased, with this vote, the legislature has sent a clear signal that they are joining me in this effort.
"It is through bipartisan support, like this and that of last month's historic Horizontal Well Act Relating to Marcellus Shale, that we show potential investors West Virginia is ready and willing to take the development of our vast natural gas reserves to the next level in order to help address our country's energy needs and expand our manufacturing sector.
"This tax relief bill, I believe, showcases our State's commitment to being a great business partner today and long into the future," said Gov. Tomblin.
The governor proposed H.B. 4086 which reduces personal property taxes for a company that builds an ethane cracker in West Virginia that has a minimum of $2 billion in investment. Instead of taxing the property at 5 percent of it is original value for 10 years, the bill extends the salvage value tax treatment of 5 percent for 25 years.