The proposed Small Business Growth Act aims to support small businesses in West Virginia by establishing a new program administered by the Department of Commerce focused on capital investments. The bill defines key terms such as "capital investment," "eligible business," and "growth fund," and outlines the application process for businesses seeking certification, which includes submitting a business plan, evidence of prior investments, and a nonrefundable application fee. The Department of Commerce will review applications and certify investments that meet the criteria. Additionally, the bill introduces a tax credit for growth investors who invest in certified growth funds, with provisions for recapturing credits if investment requirements are not met.

Furthermore, the legislation mandates annual reporting from growth funds detailing their qualified investments, including job creation statistics and average salaries, with the first report due three years after the initial credit allowance date. Growth funds may apply for an exit from the program after six years, provided they have not had any credits recaptured. The bill also specifies that the Department of Commerce must respond to exit applications within 15 days and cannot unreasonably deny them. Overall, the Small Business Growth Act seeks to enhance capital investment in small businesses while ensuring accountability and compliance within the program.

Statutes affected:
Introduced Version: 5B-12-1, 5B-12-2, 5B-12-3, 5B-12-4, 5B-12-5, 5B-12-6, 5B-12-7