HB 4003
WV First Small Business Growth Act
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
The West Virginia First Small Business Growth Act aims to stimulate economic development by providing financial incentives for investments in eligible small businesses within the state. It establishes a program administered by the Department of Commerce, offering tax credits to growth funds that invest in these businesses. The bill outlines specific criteria for eligible businesses, investment procedures, and reporting requirements, with provisions for recapturing credits if certain conditions aren't met.
Key provisions
- Creates the WV First Small Business Growth Program administered by the Department of Commerce.
- Defines key terms, including ‘capital investment,’ ‘eligible business,’ and ‘growth fund.’
- Establishes insurance premium tax credit for growth investors.
- Provides tax credit claimant and recapture procedures.
- Prohibits certain investments to prevent conflicts of interest.
- Requires annual reporting by growth funds to the Department of Commerce.
- Sets limits on the total amount of credits that can be claimed annually.
- Specifies application procedures and requirements for growth funds.
Who is affected
- Small businesses in West Virginia
- Growth funds
- West Virginia Department of Commerce
- Investors in growth funds
- Taxpayers in West Virginia
Notable changes
- Introduces a new framework for incentivizing investment in small businesses through tax credits.
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