WV HB5359

Creates a special property tax distribution system for high voltage electric transmission lines placed in service on or after July 1, 2026, requiring owners to file annual returns with the Board of Public Works

Directs 80% of the property tax increment (difference between current and base assessed value) from new transmission line projects to the Electric Grid Stabilization and Security Fund to lower electric rates for West Virginia ratepayers

Allocates the remaining 20% of the tax increment with 10% going to the county where the transmission line is located and 10% distributed to all counties on a per capita basis

Prohibits payment-in-lieu-of-taxes agreements and tax increment financing arrangements for properties subject to this article

Continues the Electric Grid Stabilization and Security Fund under the Department of Commerce to support electric grid stabilization, maintenance of coal and natural gas generation, and transmission resources serving West Virginia ratepayers