West Virginia passes high-growth business investment tax credit

West Virginia recently passed the High-Growth Business Investment Tax Credit which will encourage investment in startup and emerging high-growth R&D businesses in the state.

The bill consists of several measures: a tax credit equal to 50 percent of the investment made to eligible businesses certified by the state; investor credits up to $50,0000; and credits that offset business franchise, corporate net income or personal income taxes. To be eligible for the credit, the investor must endow a business that has gross revenues of not more than $20 million, payroll of not more than $2.5 million, and primary corporate headquarters in West Virginia.

The legislation passed through the effort of Vision Shared http://www.visionshared.com/ —a group attempting to revitalize and redirect the economy of West Virginia. For more information, see the West Virginia Development Office website at http://www.wvdo.org/media/index.html.