HB 4491 SENATE : 33-0 � HOUSE : 90-9
HB 4451 SENATE : 33-0 � HOUSE : 97-0
HB 4451 removes a long-standing requirement for qualified investment assets by an existing manufacturer in the state to be eligible for salvage value appraisal . Current law prior to HB 4451 established additional capital investments by existing manufacturers would be appraised at salvage value , which is 5 % of the original cost , and required the additional capital must be within two miles of the current operations . HB 4451 eliminates the requirement of location and would allow for additional capital investment by current manufacturers to be located anywhere in the state . The removal of the two-mile requirement will be effective on July 1 , 2023 .
This legislation was supported by the West Virginia Department of Economic Development . The removal of the mileage requirement would allow existing manufacturers to be eligible for the salvage value of appraisal if they chose to invest in other areas outside their industrial site .
There is a common concern in the fossil fuel industry about the push for renewable energy options . The Legislature focused on creating pathways toward energy diversification in 2022 and addressing environmental sustainability goals current employers in the state must meet in overall energy outlooks . HB 4491 establishes a regulatory program for underground carbon dioxide storage . Carbon capture is the process of capturing carbon dioxide in the air and transferring it into a liquid form for storage to reduce emissions . Current technology can capture 90 % of the carbon dioxide before it is released into the atmosphere . This process is viewed as the key to reducing emissions from coal but also an avenue to keep the industry competitive as the push to renewables increases .
The bill establishes permitting requirements for carbon capture reservoirs , and it makes it illegal to operate drill injection wells and store carbon dioxide without a permit . The bill establishes rights of ownership of the storage operator with a 10-year storage mortarium . At the completion of 10 years , the agency administers a certificate of completion and liability is removed from the storage operator and transferred to the agency . •
Great leaders think outside the hexagon .
When you spend your days making a difference , people notice . Huntington congratulates Chad Prather , Huntington Bank Regional President , for being named a West Virginia Executive Sharp Shooter . Thank you for inspiring us to look out for each other , our customers , and our communities , every day .
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