Despite the popularity of renewable energy, more and more states are enacting tax credits that benefit the coal industry. For example, Alabama recently expanded its capital tax credit to include investments in the coal mining industry.
Virginia recently extended its coalfield employment enhancement tax credit to tax years starting prior to Jan. 1, 2017. Previously, the credit was available for tax years starting before Jan. 1, 2015. The credit allows Virginia coal producers to claim one of two credits, depending on the method used to mine the coal. For more information about the credit, check out this Weekly State Tax Reportarticle.
In order to encourage certain facilities to locate, or remain, in West Virginia, a severance tax credit was established for suppliers of coal to electric utilities that provide financial assistance to certain industrial facilities via special electricity rates. The credit is available starting with the 2012 tax year. For more information about H.B. 101, check out this Weekly State Tax Reportarticle.
Alabama, Alaska, Arizona, Arkansas, Illinois, Indiana, Kansas, Kentucky, Maryland, Montana, New Mexico, North Dakota, Ohio, Oklahoma, Pennsylvania, and Texas also offer various coal-related tax credits, according to the Bloomberg BNA State Tax Portfolios.
In other developments . . .
Utah established a new credit for taxpayers with disabled dependent adults or children, according to a recent Bloomberg BNA Weekly State Tax Reportarticle. The legislation allows taxpayers to add, in the calculation of their tax credit, an additional 75 percent of the amount deducted as a personal exemption on their federal return for each disabled dependent adult or child.
By: Kathleen Caggiano
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)