Legislative Rundown with Adam Strider

Bill to Make Young Entrepreneur Credit Permanent Passes Senate

Originally taking effect in 2016 as a temporary measure, the Young Entrepreneur Reinvestment Act waives the fees normally associated with incorporating a domestic corporation, LLC, or partnership for any person under 30 years old. This Act was set to expire on June 30 of this year. Now, Senate Bill 365, sponsored by Senator Ryan Weld (R-Brooke), and co-sponsored by Senators Ryan Ferns (R-Ohio), John Unger (D-Berkeley), Robert Plymale (D-Wayne), Stephen Baldwin (D-Greenbrier), Sue Cline (R-Wyoming), and Greg Boso (R-Nicholas) seeks to extend its life indefinitely. Absent this Act, business registrations of this type would range in cost between $25 to incorporate a domestic non-profit corporation, and $100 to incorporate each other type of business entity exempted by this Act.

Senate Bill 365 passed the Senate by a vote of 33-0 on February 13, with one Senator absent or not voting. It was introduced in the House of Delegates on February 14, and has been referred to the Committee on Small Business, Entrepreneurship and Economic Development, and the Committee on Finance.

The full text of the bill, as well as tracking information, are available here: http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=365&year=2018&sessiontype=RS&btype=bill