The committee on small business, entrepreneurship, and economic development passed House Bill 2887 which establishes a West Virginia growth in low income communities tax credit.
This bill provides a $36 million insurance premium tax credit for investment into impoverished zones. Qualified areas include areas with a poverty rate over 20 percent or median family income below 80 percent of e metropolitan median family income. The bill will be reported to the House, but will be referred the Finance committee.
House Bill 2943 relates to deliveries by wine specialty shops. This bill allows wine specialty shops to deliver within their county (or within 50 miles of the shop’s location, if the delivery is out of county without a shippers license.) The bill requires conspicuous packaging and proof that the purchase was made by an individual 21 years of age or older. Finally, the purchase must be made at the shop and delivered by an employee of the shop.
The bill will be reported to the House, but will be referred to the Judiciary committee.
Senate Bill 106 alleviates double taxation on foreign income at state level. Under current law, a West Virginia resident is permitted a tax credit on their personal income in the amount of any income tax imposed by another state. However, taxes paid to a foreign country are not provided a similar tax credit. This bill provides one. The bill will be reported to the House, but will be referred to the Finance committee.
House Bill 2724 relates to Small Business Tax Credit. This bill provides a tax credit to small businesses headquartered in West Virginia with fewer than 25 employees. The amount of the tax credit is 50 percent the costs of branding, marketing and advertising of agricultural or manufactured products produced or manufactured in West Virginia. The credit is capped at $10,000.00 per year and is available for 5 years. The bill will be reported to the House, but will be referred to the Finance committee.
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