WV HB5304 | 2024 | Regular Session

Status

Spectrum: Slight Partisan Bill (Republican 8-3)
Status: Introduced on January 29 2024 - 25% progression, died in committee
Action: 2024-02-07 - To House Finance
Pending: House Finance Committee
Text: Latest bill text (Introduced) [HTML]

Summary

The purpose of this bill is to create the Small Business Payroll Tax Credit, a three-year program establishing a tax credit for defined payroll taxes paid on up to 10,400 employee hours at a statutorily designated wage rate for new businesses with 15 or fewer employees, allowing for growth to 25 employees but capping the credit at 10,400 employee hours and eliminating the credit for businesses of 26 employees or greater; establishing a start date and end date; listing the amounts of credits which may be claimed in each year of the program; and requiring the Department of Economic Development to track the progress of this program and present a report.

Tracking Information

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Title

Creating the Small Business Payroll Tax Credit

Sponsors


History

DateChamberAction
2024-02-07HouseTo House Finance
2024-02-07HouseWith amendment, do pass, but first to Finance
2024-01-29HouseTo House Economic Development and Tourism
2024-01-29HouseIntroduced in House
2024-01-29HouseTo Economic Development and Tourism then Finance
2024-01-29HouseFiled for introduction

Subjects


Code Citations

ChapterArticleSectionCitation TypeStatute Text
1113NN1New CodeSee Bill Text
1113NN2New CodeSee Bill Text
1113NN3New CodeSee Bill Text
1113NN4New CodeSee Bill Text
1113NN5New CodeSee Bill Text

West Virginia State Sources


Bill Comments

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