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Introduced Version House Bill 2410 History

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hb2410 intr
H. B. 2410


(By Delegates Pino, Cann and Brown)

[Introduced February 16, 2005 ; referred to the

Committee on Finance.]





A BILL to amend the code of West Virginia, 1931, as amended, by adding thereto a new article, designated §18-21-1 and §18-21-2, all relating to exempting start-up businesses founded by West Virginia college or university graduates from various state, county and municipal taxes for the first three years of operation.

Be it enacted by the Legislature of West Virginia:

That the code of West Virginia, 1931, as amended, be amended by adding thereto a new article, designated §18-21-1 and §18-21-2, all to read as follows:

ARTICLE 21. WEST VIRGINIA COLLEGE AND UNIVERSITY GRADUATE INCENTIVE PROGRAM TO ENCOURAGE IN-STATE CREATION OF BUSINESSES.

§18-21-1. Legislative purpose.
The Legislature finds that West Virginia falls short from national averages for the percentage of state residents engaged in entrepreneurial activity. Further, recent evidence indicates that a high percentage of West Virginia youth planning to attend an institution of higher learning, plan to do so out-of-state. Finally, the Legislature finds that these adverse phenomena of lack of entrepreneurial activity and a majority of in-state youth planning to go out-of-state for higher learning can best and most cost-efficiently be addressed by creative tax policy that creates incentives to both, engage in entrepreneurial activity and attend and graduate from an in-state institution of higher learning.
§18-21-2. Tax incentives for West Virginia graduates of higher learning conducting state-based private businesses.

Any resident who graduates from a state sanctioned institution of higher education and who engages in any lawful business activity as a sole proprietorship, for the first three years of operation, is exempt from the payment of business-related personal income tax, capital gains tax, or any municipal, county or state business and occupation tax. Any resident who graduates from a state sanctioned institution of higher education and who is a stockholder and officer of a corporation, or general partner in a partnership, or partner in a limited liability company shall be exempt from any business related corporate, partnership or limited liability company taxes, capital gains tax, or any municipal, county or state business and occupation tax to the extent of their proportionate share in the interests in the corporation, partnership or limited liability company for the first three years they are involved with the business entity.

NOTE: The purpose of this bill is to exempt start-up businesses founded by West Virginia college or university graduates from various state, county and municipal taxes for the first three years of operation.

This article is new; therefore, strike-throughs and underscoring have been omitted.
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