Bill to incentivize West Virginians to start a business heads to governor
(The Center Square) – Legislation that would provide tax incentives for residents who intend to start a business passed the West Virginia legislature with bipartisan support and is headed to Gov. Jim Justice’s desk for consideration.
The Jumpstart Savings Act would allow a person to set up a tax-free savings and investment account up to $25,000. The money in this account could be spent on the costs for starting a business and relevant equipment, tools, certifications and licenses.
House Bill 2001, sponsored by House Speaker Roger Hanshaw, R-Clay, was an initiative of the state’s Department of Treasury. According to a fiscal note from the department, it would cost the state about $480,000 in 2022.
“West Virginia is one step closer to being the first state in the country to implement this innovative program that will truly help us build up our blue-collar workforce and rebuild our middle class,” Treasurer Riley Moore said in a statement. “This is critically important because our citizens have to compete in a global economy, and we can’t let countries like China pass us in workforce development.”
The legislation was endorsed by several business and trade organizations. Some supporters include the West Virginia Business & Industry Council and the West Virginia Manufacturers Association.
Disclaimer: This content is distributed by The Center Square
