H. B. 4517
(By Delegate Perdue)
[Introduced February 14, 2012; referred to the
Committee on Finance.]
A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §11-6K-6a, relating to the value of barren coal properties.
Be it enacted by the Legislature of West Virginia:
That the Code of West Virginia, 1931, as amended, be amended by adding thereto a new section, designated §11-6K-6a, to read as follows:
ARTICLE 6K. ASSESSMENT OF INDUSTRIAL PROPERTY AND NATURAL RESOURCES PROPERTY.
§11-6K-6a. Valuation of barren coal properties.
The Legislature hereby finds that barren coal properties are of no monetary value. For purposes of this section, the term “barren” shall have the meaning ascribed by the state tax division’s legislative rule in effect on the effective date of the enactment of this section during the regular session of 2012. Accordingly, beginning July 1, 2013, and thereafter, the value of barren coal properties for the purpose of ad valorem property taxation under this chapter and under article X of the Constitution of this state, shall be zero.
NOTE: The purpose of this bill is to eliminate the ad valorem tax for barren coal properties.
§11-6K-6a is new; therefore, it has been completely underscored.