New tax credit recycles old tax credits; results still bad for WV

By Brenda Jo McManama

WV SB 52 would “entitle natural resource producers to economic opportunity tax credit.”  

That sounds innocent and technical enough, but what this bill would actually do is slice the severance tax and corporate taxes on natural gas and coal companies by around 80%.

In fact, this is exactly like the old Super Tax Credit back in the late 80s and early 90s where we gave coal companies huge tax breaks for investing in machines that put miners out of work. 

More here: Fiscal Note SB 52

This is a backdoor way of gutting the money we need to keep our state running, a tax giveaway to out-of-state companies that adds up into the $100Millions.

It passed out of Senate Energy, and is on its way to Senate Finance now. Don’t let them get you entirely distracted watching the poker game on the table while they quietly saw the legs out from under it. Call members of Senate Finance and tell them to “Vote NO on giant tax breaks that break West Virginia–NO on SB 52.”

4 Comments

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  1. Can you please lean over and kiss the fossil fuel industry’s you-know-what a little more?!

    Companies like Mountaineer Gas, TranCanada, and EQT do not need our tax dollars. The people do.

  2. NO NO NO

    We should increase not decrease severance taxes. The state needs money and taxing out-of-state entities that benefit from our natural resources benefits WV.

  3. WV needs a larger severance tax–not a giveaway to out of state corporations. Our giveaways from days past have left our state 50th in everything

  4. Corporations are not people. Money is not free speech. Our politicians are getting too much free speech from corporate “people”. They need to start hearing the concerns of fresh and blood humans.

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