Friday, March 12, 2010
Coal Severance Considered
WEST VIRGINIA....
The West Virginia state Senate is considering legislation that would allow coal producing counties in West Virginia to keep a bigger chunk of the severance tax money. Currently, 93% of the severance taxes collected are pumped into the state's general fund, while the remaining 7% goes to the counties where the coal was mined. Every year, the coal severance tax provides up to $400 million for the state budget.
If approved, the state's amount would be reduced to 88%, and the additional 5% that counties receive would be administered through county commissions for use on economic development and infrastructure projects.
The West Virginia state Senate is considering legislation that would allow coal producing counties in West Virginia to keep a bigger chunk of the severance tax money. Currently, 93% of the severance taxes collected are pumped into the state's general fund, while the remaining 7% goes to the counties where the coal was mined. Every year, the coal severance tax provides up to $400 million for the state budget.
If approved, the state's amount would be reduced to 88%, and the additional 5% that counties receive would be administered through county commissions for use on economic development and infrastructure projects.
# posted by Homer Owens @ 12:34 PM 
