The Senate Economic Development Committee has approved two bills to be reported to the floor that would create two new tax credits for the state.
The first, SB 238, would increase the tax credits allowed for rehabilitation of certified historic structures from the current 10% percent to a 25% percent credit.
The bill was on layover from the last committee meeting, since members wished to review the fiscal note further.
The second, SB 341, would establish a tax credit for West Virginia business growth in low-income communities.
Advantage Capital spokesman Ryan Dressler discussed his support for the bill and said West Virginia has “underperformed” in providing finances for growing small businesses throughout the state.
Dressler said this bill would help investment companies and Community Development Entities provide existing businesses with the funding necessary for expansion.
Both bills will be referred to Senate Finance once reported to the floor.
