Northam Brings To An End Long Time Coal Tax Credit Program

A federal tax credit program for the struggling coal industry that costs an average of 35 million dollars a year is being halted by the Northam administration. A state report found the tax credit plan was also generating losses for the state and was not incentivizing coal mining. Northam signed the new bill that passed in this years General Assembly will establish a stakeholder process to inform economic development and transition in Southwest Virginia. The tax credit plan had in years past provided huge revenues for the Virginia Coalfield Economic Development Authority in the tune of one million to three million dollars annually. The new law directs state agencies to begin a stakeholder process and issue a report by December first, with recommendations on how Virginia can provide economic transition support to the coalfield region, with a focus on workforce development