The bill amends the Code of West Virginia to support small businesses by raising the income threshold for licensing requirements and exempting independent contractors and sole proprietors under certain conditions. It introduces the Small Business Protection Act, which aims to enhance state rulemaking by promoting more flexible regulatory approaches for small enterprises. Key changes include the deletion of the previous maximum municipal business license tax of twenty dollars, which is now set at a new limit of 20 dollars, and the establishment of an exemption for businesses with annual revenues below $10,000. The bill emphasizes the role of small businesses in job creation and economic growth while addressing the regulatory costs they face.

Additionally, the bill modifies the requirements for obtaining a business registration certificate, mandating that a copy be displayed in each vehicle used for business activities. It raises the gross income limit for exemptions from registration and tax payment from $4,000 to a net income of $10,000. The legislation also outlines various tax payment exemptions for specific organizations and government entities, and it establishes a $15 penalty for individuals who fail to obtain a registration certificate after notification from the Tax Commissioner, along with a specified compliance timeframe.

Statutes affected:
Introduced Version: 11-12-3, 8-13-4, 8-13-5, 8-40-1, 8-40-2
Committee Substitute: 8-13-4, 8-13-5, 11-12-3, 8-40-1, 8-40-2
Engrossed Committee Substitute: 8-13-4, 8-13-5, 11-12-3, 8-40-1, 8-40-2