WV HB3040

Creates a 35% tax credit against the business and occupation tax for coal-fired electric generating units to offset costs of installing, maintaining, or repairing environmental pollution control equipment

Defines eligible equipment as any pollution control technology for air, water, or land contamination, including carbon capture and storage systems if required by state or federal law

Limits the credit to no more than 50% of a taxpayer's business and occupation tax liability in any given year

Allows unused credit amounts to be carried forward and applied to subsequent tax years for up to five years beyond when the expenses were incurred

Applies only to coal-fired generating units that are not already exempt from the business and occupation tax under existing law (§11-13-2q)