Repealed tax credit could be costly for W.Va.
CHARLESTON, W.Va. (AP) — West Virginia’s repealed tax credit on alternative fuel vehicles could end up costing the state nearly $100 million in lost revenues.
The estimate is from Deputy Revenue Secretary Mark Muchow, who already reported lost income tax collections totaling $48 million over two months.
The 2011 law was repealed in April, but not before a rush by cost-conscious West Virginia motorists to purchase the vehicles and cash in on the tax break.
Initially intended to provide tax credits for buyers of natural gas and propone-fueled vehicles, the tax break was broadened in the final hours of the 2011 session to apply to any hybrid or alternative fuel vehicle.
Muchow told the Charleston Gazette the tax break caught the department by surprise.
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