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Posted: 3:27 p.m. Tuesday, Jan. 17, 2012
By The Associated Press
CHARLESTON, W.Va. --
Building a new chemical plant in West Virginia tied to the state's Marcellus natural gas industry would yield a huge, 25-year break from business property taxes.
The legislative proposal is among several seeking to repeal or limit taxes introduced Tuesday on behalf of Gov. Earl Ray Tomblin.
West Virginia is competing with other Marcellus shale states for a so-called "cracker" plant. This massive facility would convert a byproduct of Marcellus wells into a highly useful chemical compound.
Tomblin proposes slashing the business property taxes of any company that invests at least $2 billion to build one in West Virginia. Officials estimate that such a plant would create 2,500 direct and 10,000 other jobs.
A second Tomblin bill introduced Tuesday would extend a break from severance taxes for the timber industry.
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