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WV SB1
Bill
AI Summary
- Creates the Small Business Growth Program administered by the West Virginia Department of Commerce to certify growth funds that invest in small businesses with fewer than 250 employees
- Establishes an insurance premium tax credit of 15% of the capital investment purchase price, claimable on the third through sixth anniversary dates of certification, with a $15 million annual cap on total credits
- Requires growth funds to invest 100% of certified capital investment authority in qualified investments within three years and maintain those investments through the sixth anniversary
- Applicants must demonstrate at least $100 million in prior investments in companies located in U.S. counties with populations under 75,000 and hold a rural or small business investment company license
- Includes recapture provisions if growth funds fail to meet investment requirements, and mandates annual reporting on jobs created, jobs retained, and average salaries
Legislative Description
Small Business Growth Act
Economic Development
Last Action
Approved by Governor 2/23/2026
2/23/2026
Committee Referrals
Finance1/14/2026
Full Bill Text
No bill text available