The House Small Business Entrepreneurship and Economic Development Committee met today to discuss HB 2591.
House Bill 2591 would create a new article in the West Virginia Code. This article would create a tax credit for companies that have underneath 25 employees. The credit would be in the amount of $100,000 or under. The credit would be calculated by matching 50% of whatever the small business spends on advertising, marketing, and branding, up to the maximum amount. In order to be eligible, the business must also have its corporate headquarters in West Virginia. The bill would take effect after Dec. 31st, 2017 and is for any small businesses regardless of age. There is a fiscal note on the bill of $2,000 per year. A small business could also only take advantage of this tax credit for five consecutive years.
The bill was moved to be amended by Delegate Atkinson (R-Roane). The amendment would add some definitions and provisions into the bill. The amendment was adopted.
There was an amendment to the amendment by Delegate Marcum (D-Mingo) to double the tax credit on a post-mine site. The reasoning for the amendment is to take the land in the mining towns and revitalize it in order to diversify the economy. The amendment to the amendment was adopted after some deliberation.
The bill was reported to the floor with the recommendation that it do pass as amended but first be referred to the Committee on Finance.
