Bill > SB1

This bill, the WV First Small Business Growth Act, establishes a program administered by the West Virginia Department of Commerce to encourage capital investment in eligible West Virginia businesses. The program allows "growth funds" (entities that invest in businesses) to apply for certification of their capital investments, which are defined as equity investments made in exchange for cash that are then used to invest in West Virginia businesses with fewer than 250 employees and their principal business operations in the state. If approved, these growth funds can receive "capital investment authority," which is then used to issue capital investments to "growth investors" (entities making the initial investment in the growth fund). In return for making these capital investments, growth investors are eligible for a tax credit against their state tax liability, with the credit amount determined by an "applicable percentage" of their investment over several years. The bill outlines procedures for application, certification, and the use of these tax credits, including provisions for recapturing credits if the growth fund fails to meet its investment obligations or violates certain prohibitions, such as eligible businesses investing back into growth funds. The Department of Commerce is responsible for certifying capital investment authority, ensuring that no more than $15 million in credits are claimed annually, and growth funds must submit annual reports detailing their investments and their impact on job creation and wages.

Budget and Finance

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=1&year=2026&sessiontype=RS&btype=bill