HB4439 S FIN AMT #1 2-29

Johnson  7909

The Committee on Finance moved to amend the bill by striking out the title and substituting therefor a new title, to read as follows:

Eng. Com. Sub. for House Bill 4439—A Bill to amend and reenact §11-13EE-3 of the Code of West Virginia, 1931, as amended, relating to a coal severance tax rebate; clarifying the methodology for determining the eligibility for said rebate; clarifying methods of calculation for the amount of severance tax attributable to the increase in coal production at a mine due to new qualifying capital investments; providing that when the producer of the coal operates more than one mine in this state, or is a member of a controlled or affiliated group that operates one or more coal mines in this state, any rebate allowed is further limited to 80 percent of the state portion of the increase in the aggregate total amount of severance taxes paid in the rebate year when compared to the aggregate total amount of severance taxes paid in the base-year period; providing that subject to the individual and aggregate severance tax limitations, a rebate up to the maximum rebate shall only be allowed if the aggregate total coal production tonnage in the rebate year is greater than the aggregate total coal production tonnage during the base-year period from all mines, including the mine where the qualifying investment was made, operated by the taxpayer or by members of the affiliated or controlled group in this state; and no rebate shall be allowed if the aggregate total coal production tonnage in the rebate year is less than the aggregate total coal production tonnage during the base-year period; making technical corrections regarding internal code references; and clarifying that calculations are to be made with totals before the allowance of any tax credits are applied in certain circumstances.

Adopted

Rejected