WV HB4003

Creates the WV First Small Business Growth Program administered by the Department of Commerce to encourage investment in small businesses with fewer than 250 employees that have principal operations in West Virginia

Establishes an insurance premium tax credit for "growth investors" who make capital investments in certified growth funds, with credits totaling 60% of the investment (0% for years 1-2, then 15% annually for years 3-6)

Caps the program at $15 million in credits that may be claimed against state tax liability in any calendar year, with unused credits carried forward for up to five subsequent years

Requires growth funds to invest 100% of their capital investment authority in qualified investments within three years and maintain those investment levels through the sixth anniversary of certification

Mandates annual reporting by growth funds on eligible businesses receiving investments, jobs created and retained, and average salaries, with the Department authorized to recapture credits for noncompliance