WV SB639

Creates a non-refundable tax credit for small businesses with annual gross receipts under $2,500,000 to compensate for time spent complying with state laws and regulations

Provides a $2,000 credit for eligible small businesses with gross receipts between $600,000 and $2,500,000

Reduces the credit to $500 for small businesses with gross receipts between $50,000 and $600,000

Provides no credit for businesses with gross receipts under $50,000

All dollar thresholds are tied to the current rate of inflation, with an effective date of July 1, 2025