Bill > SB639

This bill creates the West Virginia Small Business Appreciation and Acknowledgement Act, which establishes a tax credit for small businesses to help offset the costs and time associated with regulatory compliance. Specifically, the bill defines a "small business" as a business with annual gross receipts under $2,500,000, and provides a $2,000 tax credit against personal income or corporate net income taxes for eligible businesses. The credit amount is tiered based on gross receipts: businesses with annual receipts under $600,000 receive a $500 credit, while those with receipts under $50,000 receive no credit. The tax credits are non-refundable and can be applied to existing tax obligations. The bill includes a provision to adjust the dollar figures annually based on inflation as reported by the U.S. Department of Labor's Bureau of Labor Statistics. The Legislature's rationale for the bill is to encourage economic growth and development by providing financial relief to small businesses for the time and resources spent complying with state laws and regulations. The bill is set to take effect on July 1, 2025.

Budget and Finance, Business and Industry

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=639&year=2025&sessiontype=RS&btype=bill