House panel advances bill ending costly coal tax credits

House panel advances bill ending costly coal tax credits
(FILE) (Source: 401kcalculator.org)

RICHMOND, Va. (AP) — A House panel has advanced a bill that would phase out two costly coal tax credits that a state investigation recently found generate economic losses for Virginia.

The incentives, designed to encourage coal production and coal use and aid the struggling economy of southwest Virginia, are decades old and among the state’s largest. They’ve been a persistent political issue in recent years, with Republicans generally pushing to keep or expand them and Democrats seeking to end or limit them.

The bill advanced out of a subcommittee Tuesday on a party-lines vote.

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