Post by Logan on Feb 6, 2016 22:33:28 GMT -6
In the midst of a budget crisis, the West Virginia Senate is moving forward with a long-planned multi-million dollar tax cut for the state’s coal and gas industries proposed by Gov. Earl Ray Tomblin.
The bill (SB 419) would remove the “excess” severance taxes on coal and gas that companies have paid since 2005 and which were first implemented to help pay off the state’s old workers’ compensation debts.
Those debts have just about been repaid — more than 10 years ahead of schedule — thanks largely to the Marcellus Shale boom, which speeded up the payment plan considerably.
The Senate Finance Committee quickly approved the measure Friday morning.
See more at: www.wvgazettemail.com/news/20160206/wv-senate-advances-planned-tax-cut-for-coal-gas
The bill (SB 419) would remove the “excess” severance taxes on coal and gas that companies have paid since 2005 and which were first implemented to help pay off the state’s old workers’ compensation debts.
Those debts have just about been repaid — more than 10 years ahead of schedule — thanks largely to the Marcellus Shale boom, which speeded up the payment plan considerably.
The Senate Finance Committee quickly approved the measure Friday morning.
See more at: www.wvgazettemail.com/news/20160206/wv-senate-advances-planned-tax-cut-for-coal-gas