April 16, 2021, 5:00 AM
The Virginia Governor April 15 signed a law setting the sunset date for the Coal Employment and Production Incentive Tax Credit and Coalfield Employment Enhancement Tax Credit after tax year 2021 and prohibiting the allocation of the excise tax credits on and after Jan. 1, 2022. The law includes measures: 1] allowing credit holders to claim carryover credits, if the Coal Employment and Production Incentive credits were earned before Jan. 1, 2022; 2] limiting the claim to $1 million in carryover credits per taxable year; and 3] directing the Department of Mines, Minerals and Energy to convene a stakeholder process…
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