West Virginia Senate Considers Tax Exemption for Rare Earth Minerals |

(The Center Square) – The West Virginia House of Delegates has passed legislation that would provide tax exemption for rare earth minerals and will now be considered in the Senate.

House Bill 4025, sponsored by Del. Bill Anderson, R-Wood, was passed by the house 94-4 with two nonvoting members. The bill was introduced in the Senate and referred to the Senate Finance Committee on Friday.

According to the proposal, the tax exemption would provide a five-year exemption from July 1, 2022. The tax exemption would apply to separation, extraction, reduction in possession and production for the purposes of sale, profit or commercial use of rare earth elements and other critical elements. minerals. The legislation specifies which elements and minerals are exempt, including yttrium, lanthanum, cerium, praseodymium, neodymium and 12 other rare earth minerals. It includes about 40 other critical minerals, including aluminum, nickel, arsenic and cobalt.

The legislation aims to promote economic development by preventing the taxation of these critical minerals and rare earth minerals.

House lawmakers are also considering several other tax changes.

Other bills include House Bill 4591, which would expedite the conversion of the real estate transfer tax from state to county. House Bill 2096 would reinstate the movie tax credit program. House Bill 4567 would place restrictions on municipalities imposing a business and occupancy or lien tax.

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