SB739 SFAT Takubo #1 3-11

Johnson  7909

Senator Takubo moved to amend the bill by striking out the title and substituting therefor a new title, to read as follows:

Eng. Senate Bill 739—A Bill to amend the Code of West Virginia, 1931, as amended, by adding thereto a new article, designated §11-12-4b, relating to carbon offset agreements affecting real property interests; requiring parties to current and new carbon offset agreements to register with the West Virginia Tax Department; providing for registration requirements and identifying certain information to be submitted to the Tax Department; providing for business registration certificates; defining terms, including carbon offset agreements and greenhouse gases; providing exceptions for underground sequestration and methane flaring; requiring reports of specified information by the Tax Department to the Legislature and Executive; authorizing generalized disclosure of information by the Tax Commissioner for said reports; specifying application of West Virginia Tax Procedure and Administration Act and West Virginia Tax Crimes and Penalties Act; declaration of a moratorium for 60 days on entering into contracts or agreements selling, leasing, letting, or otherwise transferring property rights relating to any carbon storage, carbon capture, carbon sequestration, or similar agreements, in order to give the Legislature time to deliberate and pass laws as may be determined to be necessary to prevent or mitigate substantial economic harm to West Virginia citizens and authorizing promulgation of rules by the Tax Department.

Adopted

Rejected