Two Good West Virginia Tax Credits Created

Although they didn’t gain much attention during the recently concluded legislative session, a pair of tax credits passed by lawmakers are worth noting.

By:
Jack Bailey
Charleston Daily Mail

http://www.nasvf.org/web/allpress.nsf/pages/8612

The Strategic Research and Development Tax Credit and the High Growth Business Tax Credit both are aimed at spurring the growth of high-tech companies in West Virginia.

Mike Basile, a Charleston attorney who is co-chairman of the team working to implement the state’s long-term economic development strategy A Vision Shared, called the bills "two of the most productive pieces of legislation passed this session."

The Strategic Research and Development Tax Credit is designed to assist research and development companies in their early stages of growth and operation, while the High Growth Business Tax Credit establishes a tax credit for so-called "angel investors" who financially back these R&D companies.

The bills passed quietly, but they could lead to big headlines in the future as high-tech companies take advantage of the credits to hopefully locate and grow their businesses in West Virginia. Both bills await the governor’s signature.

While the intent of the new legislation certainly is worthy of recognition, I think it’s also significant that the pair of bills grew out of the Vision Shared effort to overhaul the state’s economy.

That is important because it validates the work of the more than 400 volunteers who have worked hard since A Vision Shared was introduced in December 2000 to keep the plan alive and moving forward.

The passage of legislation this year also increases the chances that whoever occupies the governor’s mansion next year will continue to listen to these volunteers and the messages contained in A Vision Shared.

"This legislation is a direct result of the Vision Shared Tax Modernization Focus Team," Basile said. "This focus team is comprised of a diverse array of public and private citizens representing a cross section of West Virginia’s population."

This mix of public and private individuals who truly are interested in improving the state’s economy is what has impressed me most about the Vision Shared effort.

Unlike other plans to overhaul the state’s economy, A Vision Shared has stayed alive years after its introduction. This is testament to the desire of so many to truly chart a new course for West Virginia and who are willing to put in the time it takes to make the vision a reality.

It is good to see their hard work pay off in ways like this legislation, and should make us all feel better for the days that could be ahead for West Virginia.

For more information about A Vision Shared, visit the Web site http://www.visionshared.com.