The proposed bill introduces the "West Virginia Small Business Appreciation and Acknowledgement Act," which aims to provide tax credits to small businesses in the state. It 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 tiered based on gross receipts: businesses with receipts under $600,000 will receive a reduced credit of $500, and those with receipts below $50,000 will not receive any credit. 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 to 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 tax credit is set for July 1, 2025. Overall, the legislation seeks to encourage economic growth and development in West Virginia by supporting small businesses through financial incentives.

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