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The West Virginia House of Delegates approved a bill that would limit property tax on manufacturing of minerals deemed by the United States Department of Energy essential to energy technology but prone to supply chain disruption. House Bill 4971 would cap the value of property tax assessments of critical materials manufacturing equipment.
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The West Virginia House of Delegates Finance Committee approved a bill, House Bill 4971, which would limit property tax on critical materials, a designation for minerals the United States Department of Energy has deemed essential to energy technology but prone to supply chain disruption. HB 4971 would provide that property tax assessments of critical materials manufacturing equipment would be its salvage value, defined as up to 5% of its fair market value.