The proposed bill introduces a new article to the Code of West Virginia, titled the "Small Business Appreciation and Acknowledgement Act," which aims to provide tax credits to small businesses in the state. The legislation defines a small business as one with annual gross receipts of less than $2,500,000 and establishes a tax credit of $2,000 for eligible small business taxpayers. However, the credit is reduced to $500 for businesses with gross receipts under $600,000, and no credit is available for those with gross receipts below $50,000. Additionally, the bill specifies that these credits are non-refundable and can be applied against personal income tax or corporation net income tax.

The bill also includes provisions that tie the dollar figures associated with the tax credits to inflation, as reported by the U.S. Department of Labor's Bureau of Labor Statistics. The effective date for the implementation of this article is set for July 1, 2025. Overall, the legislation seeks to encourage economic growth and development in West Virginia by providing financial relief to small businesses, thereby promoting their compliance with state laws and regulations.

Statutes affected:
Introduced Version: 11-13NN-1
Committee Substitute: 11-13NN-1
Committee Substitute for the Committee Substitute: 11-13NN-1