Tax Reform Subcommittee A discussed tax reform for natural resource companies who drill or would like to drill in the state.
“We tend to export our natural recources but don’t receive the full benefit. How can we capture the downstream benefits,” said Sen. Ron Stollings, D – Boone.
Oil and gas tax expert Donald Nestor said once the wells are drilled they can’t move them, and they would bring more revenue to the area.
Delegate Eric Householder, R – Berkeley, asked about how large of a difference the 5 percent higher tax rate in West Virginia makes when compared to other states.
Nestor said it is hard to convince the industry to move to West Virginia because of this discrepancy. He also said that this is important because West Virginia has a future with natural gas, as the state seems to have “more than enough” natural gas resources available.
