Bipartisan Bill Clears Final Legislative Step
The West Virginia Legislature has sent the Small Business Growth Act (Senate Bill 1) to Governor Patrick Morrisey for approval which establishes a major achievement in small business backing. The West Virginia Senate and House of Delegates both approved the measure which now awaits final approval to enter into law.
Senate Bill 1 proposes the creation of the West Virginia First Small Business Growth Program Under this new program specialized growth funds will raise investment capital to provide financing for qualifying small businesses The business needs to maintain more than half of its operations and workforce in West Virginia to qualify for eligibility The growth fund investors will obtain state tax credits which they can use to offset their tax obligations starting in 2029.
Focus on Local Enterprise and Economic Competition
The House of Delegates approved the bill with a strong majority, voting 87-3 on amendments that reflect the state Republican majority’s Jobs First – Opportunity Everywhere agenda. The measure seeks to bring new companies to West Virginia while supporting the growth of existing local businesses to maintain their operations in the state against outside competition from neighboring areas.
House Judiciary Committee Chairman JB Akers explained that business eligibility requires companies to employ fewer than 250 staff members while maintaining 60 percent of their workforce as West Virginia residents. The state has implemented this requirement to promote in-state employment while preventing businesses from transferring their workforce to other states.
House Finance Committee Chairman Vernon Criss explained that this method holds great importance for border counties because neighboring states provide businesses with attractive tax incentives that result in company departures. He stated that the growth program will create equal opportunities for small businesses to succeed by providing them with essential support.
Impact and Next Steps
Supporters of the bill argue that tax incentives tied to capital investment in local companies will improve West Virginia’s overall economic conditions. The state lawmakers support small business growth because it helps them protect the state’s workforce and develop local economic growth.
Governor Morrisey must review the bill before he decides whether to approve it. The Small Business Growth Act will serve as a vital instrument that helps local business owners develop their enterprises while creating new investment prospects throughout the state and protecting employment in areas at risk of losing companies.
