West Virginia Enacts Small Business Growth Act, Provides Excise Tax Credits

The West Virginia Governor signed the WV First Small Business Growth Act encouraging investment in small businesses through tax incentives. The law includes: 1) establishing an insurance premium tax credit; 2) providing procedures for claiming the credit; 3) providing that no credit may be claimed for tax years beginning prior to calendar year 2029; 4) providing for the carryforward of unused credits for five subsequent tax years, but not the carryback to prior years; and 5) providing that such credits are not refundable nor marketable. The law took effect on Feb. 16. [S.B. 1, enacted 02/23/26]

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