ENROLLED
COMMITTEE SUBSTITUTE
FOR
H. B. 4293
(By Delegates Hunt, Linch, Compton, Jenkins,
Faircloth and Riggs)
[Passed March 11, 2000; in effect ninety days from passage.]
AN ACT to amend and reenact section eighteen, article five,
chapter twenty-two of the code of West Virginia, one
thousand nine hundred thirty-one, as amended, relating to
market-based banking and trading; modifying state banking
and trading requirements to comply with federal program
changes.
Be it enacted by the Legislature of West Virginia:
That section eighteen, article five, chapter twenty-two of
the code of West Virginia, one thousand nine hundred thirty-one,
as amended, be amended and reenacted to read as follows:
§22-5-18. Market-based banking and trading programs,
emissions credits; director to promulgate
rules.
(a) The director shall propose legislative rules for
promulgation in accordance with article three, chapter
twenty-nine-a of this code, to the full extent allowed by
federal and state law, one or more rules establishing a
voluntary emissions trading and banking program that provides
incentives to make progress toward the attainment or maintenance
of the national ambient air quality standards, the reduction or
prevention of hazardous air contaminants or the protection of
human health and welfare and the environment from air pollution.
(b) The director shall establish a system by legislative
rule for quantifying, verifying, determining eligibility,
registering, trading and using all emissions reduction credits,
for banking and trading if achieved after the first day of
January, one thousand nine hundred ninety-one, to the extent
permitted by federal law. Credits also shall be available for
permanent shutdowns. Ten percent of any emission reduction
credits registered with the director shall be retired from
future use:. Provided, That fifty percent of any emission
reduction credits generated from permanent shutdowns prior to
the effective date of the legislative rule or rules promulgated
pursuant to this section shall be retired from future use. All
other emissions reduction credits registered shall remain in effect until used and debited or retired. Credits not used
within ten years shall be retired from future use. The director
may charge a reasonable transaction fee at the time any credits
are registered and shall deposit the fees in the air pollution
control fund.
The division may establish the emissions trading program
as a state, multistate or regional program as long as the
program contributes to the goal of improving the air quality in
West Virginia and in the air quality region where the source is
located.