Relating to providing a credit against the business and occupation tax imposed on coal-fired electric generating units to help off-set environmental compliance costs

HB 3040 creates a 35% tax credit against West Virginia's business and occupation tax for coal-fired electric generating units that spend money on environmental pollution control equipment (like air/water pollution systems or carbon capture technology) to meet regulatory requirements. The credit applies to expenses for installing, repairing, or maintaining such equipment, but cannot reduce a company's tax bill by more than 50% in a single year. Unused portions of the credit can be carried forward for up to five years. This bill directly affects coal power plants operating in West Virginia that comply with environmental regulations and pay the business and occupation tax.