Bill > HB3305

This bill creates the Small Business and Entrepreneurship Act, which aims to support the growth of new businesses in West Virginia. The key provisions include: 1. Requiring the Secretary of Administration to report annually on the number and dollar amount of state contracts awarded to businesses less than 3 years old, and to make recommendations on improving access and resources for these new businesses. 2. Establishing an Office of Entrepreneurship within the Department of Economic Development to promote policies and initiatives to support entrepreneurship in the state. 3. Mandating that the state award 5% of state contracts to new businesses (defined as those operating less than 3 years in the state), with exceptions allowed if compliance is not feasible. 4. Requiring the Department of Economic Development to report annually on the percentage and dollar amount of economic development funding supporting new businesses or organizations that serve them. 5. Allocating 5% of economic development program funding to support new businesses or organizations serving them. 6. Waiving certain state fees for the first 3 years of operation for new businesses, including home-based businesses. 7. Providing a 20% reduction in the first $100,000 of taxable income for the first 3 years of operation for new businesses.

Budget and Finance, Business and Industry

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=3305&year=2023&sessiontype=RS&btype=bill