By Steven Allen Adams, The Weirton Daily Times
CHARLESTON, W.Va. — A bill supported by the natural gas industry and opposed by gas-producing counties was changed Tuesday to the chagrin of the bill’s lead sponsor in the West Virginia Legislature.
A strike-and-insert amendment to House Bill 2581, providing for the valuation of natural resources property and an alternate method of appeal of proposed valuation of natural resources property, was adopted. The bill now heads to the Senate Finance Committee.
HB 2581 would provide a revised methodology to value oil and natural gas properties by the State Tax Commissioner. A state Supreme Court case two years ago struck down part of the methodology the department uses to value active oil and natural gas well sites.
The House version of the bill included a formula to value oil and natural gas property. The value would be determined by using a weighted average price from regional markets, less the actual expenses as reported by the taxpayer…