CHARLESTON, W.Va. (WSAZ & AP) -- In a report released Wednesday by the Associated Press, Boone County will receive the most money from the coal severance reallocations.
The bill, signed by Governor Earl Ray Tomblin Monday, will increase coal severance tax revenue by 1percent per year for the next five years.
The counties who do the most coal mining will get the most money.
The AP reports that Boone County is projected to receive about $3.3 million by 2017.
Marshall County is expected to receive about $2.5 million by the end of the five-year phase-in.
Logan County is third on the list, projected to receive about $2.3 million by the end of that period.
Tuesday West Virginia Governor Earl Ray Tomblin passed the bill, which dedicates an additional percentage of coal severance tax revenues to the counties where coal is mined.
The bill reallocates revenue from the tax in 1 percent increments over the next five years, starting July 1, 2012.
By the year 2017, an additional 5 percent will head to these coal mining counties.
According to a press release from the governor's office, "The revenue dedicated by legislation will be placed in a special fund called the Coal County Reallocated Severance Tax Fund to be used on economic development and infrastructure projects."
"West Virginia is enjoying a stable economy at a time of uncertainty elsewhere in the nation," Gov. Tomblin said. "This dedicated revenue will allow the counties whose natural resources are contributing to the health of our state's economy a greater share of the benefits those resources provide."
Senate Bill 1002 caps the amount distributed to the counties at $20 million per year.
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