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Senate approves nonrefundable tax credit for small businesses after heated floor debate
Summary
Senate Bill 639 creates a tiered nonrefundable tax credit for small businesses to offset compliance time; supporters said it rewards entrepreneurs, opponents said the state can't estimate cost and it risks city budgets.
The Senate passed Senate Bill 639, the West Virginia Small Business Appreciation and Acknowledgment Act, on April 1 by a vote of 27‑7. The bill establishes a tiered, nonrefundable state tax credit to offset time small business owners spend complying with state laws and regulations.
Under the bill, businesses with annual gross receipts under $2,500,000 qualify for a $2,000 credit; firms with less than $600,000 in annual receipts would get $500; businesses…
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