The "WV First Small Business Growth Act" seeks to create a program under the Department of Commerce to foster small business development in West Virginia. It defines key terms related to the program and establishes the WV First Small Business Growth Program, which includes application procedures for businesses seeking certification for capital investments. Eligible businesses must have fewer than 250 employees and primarily operate in West Virginia. The bill outlines the criteria for capital investments, requiring a revenue-impact assessment and a nonrefundable application fee. Additionally, it introduces a tax credit for growth investors who invest in certified growth funds, detailing the conditions for claiming these credits and the recapture process if investment requirements are not met.

The legislation also imposes new reporting requirements for growth funds, mandating annual reports to be submitted by June 30 each year during the compliance period. The initial report, due three years after the credit allowance date, must include comprehensive documentation of investments, job creation statistics, and other relevant information. Furthermore, growth funds can apply for an exit from the program after six years, provided they have not faced credit recapture issues. The Department of Commerce is required to respond to these exit applications within 15 days, ensuring accountability and transparency in the investment process while promoting small business growth in the state.

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