Senate committee passes bill with tax credits for petrochemical industry

A Senate committee approved two bills representing tax credits aimed at West Virginia’s petrochemical industry. HB 4421, called the Natural Gas Liquids Economic Development Act, would provide a credit to businesses that store or transfer natural gas. The goal of the bill is to attract an ethane cracker plant or storage hub. HB 4019, called the Downstream Natural Gas Manufacturing Investment Tax Credit Act of 2020, would allow eligible taxpayers to take a credit against the portion of state income taxes that come from the taxpayer’s investment in a new or expanded downstream natural gas manufacturing facility provided it creates new jobs. The Senate’s Economic Development Committee considered and passed each bill during a session on Saturday. Each bill also has a reference to the Senate Finance Committee.