Two West Virginia Republicans yesterday reintroduced proposals to reserve a certain amount of tax credits for communities struggling to cope with the coal industry downturn.
For a second straight session, Sen. Shelley Moore Capito (R-W.Va.) and Rep. Evan Jenkins (R-W.Va.) introduced the "Creating Opportunities for Rural Economies (CORE) Act" in their respective chambers.
"States like West Virginia have suffered from severe job loss in the coal and other industries," Capito said in a statement. "These distressed regions of the country need a pathway that will create new jobs, spur business investment, and strengthen struggling economies."
The legislation would set aside $525 million over three years in new markets tax credits for states with counties most affected by coal layoffs.
The Treasury Department program gives investors a seven-year, 39 percent break for financing businesses and development in low-income regions.
Determined using Mine Safety and Health Administration data, counties in a dozen states would be eligible: Alabama, Colorado, Kentucky, Indiana, Illinois, New Mexico, Ohio, Pennsylvania, Texas, Utah, Virginia and West Virginia.
Since 2000, the tax program has awarded $40 billion in credits, but only $97 million has gone to 17 projects in West Virginia.
"By diversifying our economy and supporting our coalfields, we will create new opportunities for West Virginians here in West Virginia," Jenkins said in a statement.
Click here to read the Senate bill.
Click here to read the House bill.