Originally published Monday, January 23, 2012 at 11:11 AM
W.Va. House passes 'cracker' plant tax break
West Virginia's House of Delegates is supporting a 25-year tax break aimed at luring a huge new chemical plant.
The Associated Press
West Virginia's House of Delegates is supporting a 25-year tax break aimed at luring a huge new chemical plant.
The proposal from Gov. Earl Ray Tomblin passed to the Senate on Monday with one opposing vote.
Tomblin wants to slash property taxes for any business that invests at least $2 billion to build a cracker. This would apply to real estate as well as machinery, equipment and inventory.
Cracker plants convert a byproduct from Marcellus shale gas drilling into a widely used chemical compound. Industry groups estimate one would bring 12,000 jobs to West Virginia.
The House suspended its rules to allow for Monday's vote ahead of schedule. The Senate Finance Committee expects to visit the topic Tuesday.
Ohio and Pennsylvania also are competing for a cracker plant.
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