By Mr. Speaker, Mr. Chambers, and Delegates Kiss, Fleischauer, Kuhn, J. Martin and Williams:
H. C. R. 48--"Directing the Department of Tax and Revenue to do a study of tax credits for coal allowance purchases relating to the limitations imposed by Title IV of the Clean Air Act Amendments of 1990."
Whereas, The Legislature finds that the encouragement of economic activity by the State's businesses relating to the mining, transport and utilization of West Virginia coal; the resultant enhancement of revenues accruing to the State; the promotion and preservation of jobs in the coal industry and in industries supplying and otherwise related to the coal industry, and the general economic activity resulting therefrom; and the amelioration of the effects of the production, transportation and utilization of West Virginia coal on the environment are all in the public interest and promote the general welfare of the people of this State consistent with prudent development of the State's natural resources; and,
Whereas, The Legislature further finds that much coal produced in West Virginia for electric utility steam generation are unable to meet the sulfur dioxide emission requirements that will result due to implementation of Title IV of the Clear Air Act Amendments of 1990, without the use of emission control technologies or the acquisition of sulfur dioxide emission allowances to enable such coals to be utilized consistent withthe national program of sulfur dioxide emission reductions created by that Title; and,
Whereas, That the national emission allowance market has not developed sufficiently to permit the economic efficiencies it promises to be adequately realized, resulting in actual and potential detriment to coals produced in West Virginia as well as to the ultimate electric consumers of West Virginia coals used in the electric utility industry; and,
Whereas, That promotion of a more active and vital market for emission allowances is consistent with the broad interests of the State of West Virginia; and that encouragement of emission allowance purchases and sales related to the use of West Virginia coals will benefit the economy of the State and the well-being of its citizens and industries, therefore, be it
Resolved by the Legislature of West Virginia:
That in order to encourage economic activity relating to the production, transportation and utilization of coal within the State, to enhance the economic vitality of the national emission allowance market, and to increase employment and general economic development, the Legislature hereby directs the Department of Tax and Revenue to study tax credits for coal allowance purchases relating to the limitations imposed by Title IV of the Clean Air Act Amendments of 1990; and, be it
Further Resolved, That the Department of Tax and Revenue in cooperation with the Joint Committee on Government and Finance examine the preservation of jobs associated with the emission allowance transactions implicated by tax credits, the effect ofthe overall economic output within the State resulting therefrom and the overall effect on the State's tax revenue and savings resulting from the decreased costs of unemployment compensation, welfare and other social service costs, and the impact of an emission allowance credit on the coal industry in West Virginia; and, be it
Further Resolved, That the Department of Tax and Revenue report its findings, conclusions and recommendations to the President of the Senate and Speaker of the House of Delegates on or before July 31, 1995.