By Steven Allen Adams, The Intelligencer
CHARLESTON, W.Va. — A committee of the House of Delegates is moving another tax break bill meant to spur interest in pulling rare earth elements from West Virginia’s hills.
The House Finance Committee recommended House Bill 4657 for passage Monday afternoon after the House Select Committee on Tourism and Economic Diversification recommended the bill last week. The full House will consider the bill this week.
HB 4657 creates the Critical Mineral Investment Tax Credit Act of 2022. The bill would provide a corporate net or personal income tax break for rare earth elements, critical minerals and carbon-based products.
The tax break would be based on the cost of the qualified investment property and the number of new jobs created by the project over a 10-year period, accruing at one-tenth of the amount of the tax break per year. The credit would be applied to 80% of the tax liability as a result of the qualified investment, though if the median salary of the employees is more than the state average payroll wage, the amount would increase to 100%…