House Bill 4343 Would Encourage Innovation to Promote Small Businesses in the Mountain State
Promoting the development and protection of small businesses has been a focus in the House of Delegates during the 2014 Session. The Small Business Emergency Act was passed through the House early this session and is now being considered in the Senate. More recently, legislation has been introduced that aims to revive, renew and rebuild West Virginia’s business climate and create abundant job opportunities.
The West Virginia Project Launchpad Act, or House Bill 4343, would allow the Governor to designate up to 10 geographic areas, maximum of 2,500 acres in size, as economic development launch pads. The selected areas would be home to businesses in the extraction, chemical, and manufacturing industries.
The businesses would have to adopt methods of manufacturing or employ cutting edge technology to help create new jobs. The idea is that these improvements would help to ensure a brighter economic future and more job opportunities for the current work force and the youth of West Virginia. Creating and maintaining these good-paying jobs through small business will allow West Virginia to keep bright, young professionals in the state that may otherwise leave.
Businesses in designated “Launchpad” locations would be eligible for tax exemptions, deductions, abatements or credit from all local taxes. Interested counties and municipalities may apply to become a “Launchpad” with the WV Department of Commerce.
“If businesses use innovation to create new jobs in West Virginia that don’t already exist today, we’re going to help them with this new tax structure,” said Delegate Doug Skaff (D-Kanawha), who is the lead sponsor of the bill. “This legislation is really going to prepare our state for the future.”
The idea for Project Launchpad was developed by Vision Shared Inc., a nonprofit organization dedicated to bringing together business, labor, government and other diverse interests to develop a strategy that will sustain West Virginia and make the state more economically competitive. Project Launchpad was empowered in 2009 by legislation that gave them the responsibility to make recommendations for economic development in the next generation.
House Bill 4343 has passed through the House Small Business, Entrepreneurship & Economic Development Committee and is now being considered by the House Finance Committee.
