### Image of Legislative Conference

West Virginia Senate leadership confers at the podium Monday after Sen. Eric Tarr offered an amendment to Senate Bill 1, the Small Business Growth Act. (Photo Courtesy/ WV Legislative Photography)

### Overview of the Small Business Growth Act
**CHARLESTON** — In a significant legislative move aimed at bolstering small businesses, a bipartisan bill has garnered strong support from both the West Virginia House of Delegates and Senate. This pivotal piece of legislation, known as Senate Bill 1, the Small Business Growth Act, is now poised to complete the legislative process efficiently.

The Senate passed the bill on Monday with an impressive 29-2 vote, despite three members being absent or abstaining from voting. Following this approval, the bill is set to be delivered to Governor Patrick Morrisey, who has a time frame of five days to either sign it into law or issue a veto. Alternatively, he has the option to permit the bill to become law without affixing his signature.

### Key Features of Senate Bill 1
Senate Bill 1 is designed to initiate the West Virginia First Small Business Growth Program. This program will allow specialized growth funds to accumulate capital from investors, which will then be used to finance eligible small businesses that predominantly operate and maintain their workforce within the state. In return, these growth investors are granted non-refundable tax credits that can be utilized against their state tax liabilities starting from the year 2029.

This initiative is a priority for Senate President Randy Smith, R-Preston. The House made amendments to the original bill, incorporating elements from House Bill 4003, which is part of a broader economic agenda presented by the House Republican caucus called Jobs First — Opportunity Everywhere, initially disclosed in December.

### Legislative Enhancements and Clarifications
“The House made technical corrections and clarified the effective date,” Senate Assistant Majority Leader Patricia Rucker, R-Jefferson remarked. Notably, the House included language that ensures that no tax credit can be claimed until the year 2029, thereby creating a clearer roadmap for small business owners.

### Compliance and Oversight Measures
Importantly, SB 1 mandates that the growth funds must adhere to specific benchmarks concerning job creation and capital retention. If a fund fails to uphold its investment criteria or violates any program directives, the state retains the right to reclaim the issued tax credits. The Department of Commerce will oversee the application process, ensuring compliance from all participating entities.

### Opposition and Alternative Proposals
While the bill received overwhelming bipartisan support, the motion to pass SB 1 faced opposition from Senators Craig Hart, R-Mingo, and Eric Tarr, R-Putnam. Senator Tarr proposed an amendment that would allow small business owners to access the same tax credits should they invest their own funds—such as through bank loans or personal savings—into their businesses.

Tarr highlighted the issue of fairness, stating, “The problem is … that doesn’t reach across to all small businesses in West Virginia. There are many family-run businesses alongside new enterprises that rely on financing outside of venture capital groups.”

### Intent and Focus on Capital Access
Senate Finance Committee Chairman Jason Barrett, R-Berkeley, opposed the amendment, asserting that it diverged from the bill’s primary intent, which is to assist small businesses struggling to secure capital. “Many small business owners face significant challenges in accessing the funds they need to grow,” he noted.

Senator Rucker echoed this sentiment, stating, “If Tarr wishes to propose his own bill to address his concerns, there is still time during this legislative session, but this amendment would fundamentally alter the purpose of SB 1.” Ultimately, Tarr’s amendment was decisively defeated with a 6-26 vote.

### Role of AI legalese decoder
In such complex legislative matters, navigating the intricacies of legal language can be daunting for small business owners seeking to understand their rights and obligations under new laws. This is where **AI legalese decoder** comes into play. Utilizing advanced AI technology, it simplifies legal documents and legislative texts, making them more comprehensible for the average person.

By breaking down the contents of legislation like SB 1, the AI legalese decoder can provide small business owners with clear insights into how new policies may directly impact their enterprises. This tool can empower them to understand the benefits available, navigate application processes, and ultimately make informed decisions that drive their businesses forward.

### Conclusion
Senate Bill 1 stands as a promising opportunity for small businesses in West Virginia, setting the stage for increased access to vital investment opportunities. As the bill advances to the governor’s desk, understanding its implications through tools like the AI legalese decoder will be essential for entrepreneurs looking to thrive in this evolving landscape.

Steven Allen Adams can be reached at [email protected]