Bill Text: WV HCR91 | 2021 | Regular Session | Introduced
Bill Title: To study considering methods of retaining native businesses
Spectrum: Partisan Bill (Republican 1-0)
Status: (Engrossed - Dead) 2021-04-09 - To Rules [HCR91 Detail]
Download: West_Virginia-2021-HCR91-Introduced.html
HOUSE CONCURRENT RESOLUTION 91
(By Delegate Phillips)
[Introduced April 5, 2021, 2021; referred to.]
Requesting the Joint Committee on Government and Finance study the possible methods of retaining native businesses in West Virginia through the establishment of a “Business Retention Task Force.”
Whereas, The Legislature recognizes the important role in considering methods of retaining native businesses, including, but not limited to the following:
Founders House: Establishing 'Entrepreneur in Residence' program to allow entrepreneurs to have housing and an environment to found startup businesses;
Student Loan Forgiveness: Granting student loan forgiveness for state school graduates who start a new business in the state within five years of graduation;
CRA Tax Credit: Extending tax credits for CRA eligible activity;
State guaranteed loans: Loans targeted at sole proprietorships and LLCs;
West Virginia Produced Bidding Credit: Tighten regulations to actual West Virginia produced or value-added products and add points for bidding contracts;
Business & Inventory Tax: Defer capital investments from BIT tax for one year to allow generation of income before taxation; and
Business and Operating Tax: Assess B&O tax on net income through startup years to establish new businesses; and
Whereas, All of these initiatives may create the retention of native businesses in West Virginia; therefore, be it
Resolved by the Legislature of West Virginia:
That the Joint Committee on Government and Finance study the possible methods of retaining native businesses in West Virginia through the establishment of a “Business Retention Task Force;” and, be it
Further Resolved, That the Joint Committee on Government and Finance report to the regular session of the Legislature, 2022, on its findings, conclusions, and recommendations, together with drafts of any legislation or resolutions necessary to effectuate its recommendations; and, be it
Further Resolved, That the expenses necessary to conduct this study, to prepare a report, and to draft necessary legislation be paid from the legislative appropriations to the Joint Committee on Government and Finance.
