Gov. Earl Ray Tomblin today announced House Bill 4086 from the 2012 Legislative Session has completed the legislative process. Gov. Tomblin signed the bill this morning.
"I want to extend my gratitude to members of the legislature and their respective clerk's offices for not only passing this important piece of legislation, but for speedily reviewing the bill. Today we are sending a message that West Virginia wants to be a partner with potential investors and bring jobs to West Virginia," Gov. Tomblin said. "I believe this legislation, coupled with the historic Horizontal Well Act relating to Marcellus Shale development, speaks clearly to our state's intent and commitment to rebuilding our manufacturing base, right here."
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 legislation, effective July 1, 2012, extends the salvage value tax treatment of 5 percent for 25 years.
For more information on the legislation, visit the West Virginia Legislature's website at www.legis.state.wv.us.