CHARLESTON, W.Va. — The state Senate passed a bill for the second straight year Wednesday that would allow for a 50 percent tax credit for businesses developing on land that was formerly mined.

The bill (SB 38) would help coalfield counties, Senator Ron Stollings (D-Boone) said.

“It gives you a 50 percent tax credit but it’s on your capital investment. It’s only for five years,” Stollings said. “This will allow us to grow and diversify our economy.”

Stollings said the bill that passed last year has been tightened up in hopes of receiving enough support to get it through the entire legislative process.

Senator Bob Plymale (D-Wayne) said the bill is one of those “tool in the toolbox” measures.

“This is one of the first things we’ve done (this session) for job creation,” Plymale said during Wednesday’s floor session.

The bill is on its way to the House of Delegates.

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