SB 639
Creating WV Small Business Appreciation and Acknowledgement Act
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Sign in to take action- Introduced
- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill creates a tax credit for small businesses in West Virginia. Specifically, it defines a ‘small business’ as one with annual gross receipts under $2 million and provides a credit of up to $2,000 to help offset the time and expense of complying with state tax and regulatory requirements. The credit amount is reduced for businesses earning less than $50,000 annually, and all dollar figures are adjusted for inflation. The goal of this legislation is to encourage economic growth and development in West Virginia by supporting small businesses.
Key provisions
- Defines ‘small business’ as having annual gross receipts under $2 million.
- Provides a tax credit of up to $2,000 for eligible small businesses.
- Offers a reduced credit of $500 for businesses with annual gross receipts under $50,000.
- Credits are intended to cover the time spent complying with state tax and regulatory laws.
- Dollar amounts associated with the credit are adjusted for inflation.
- The bill is formally titled the ‘West Virginia Small Business Appreciation and Acknowledgement Act’.
- The bill is referred to the Committees on Economic Development and Finance.
Who is affected
- Small businesses in West Virginia
- Small business owners
- Taxpayers
Notable changes
- Introduces a new tax credit specifically for small businesses.
- Links the credit amount to inflation.
Fiscal impact
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