Small Business Growth Act

Updated the investment experience requirement from the 2010 Federal Decennial Census to the 2020 Federal Decennial Census.

Changed the short title from 'Small Business Growth Act' to 'WV First Small Business Growth Act'.

Modified the definition of 'State tax liability' to include a proviso ensuring the bill does not reduce required distributions to insurance funds.

Added a restriction preventing any tax credits from being claimed for tax years that begin prior to calendar year 2029.

Updated the maximum investment limit per business from '$7,500,000' to '$7.5 million' for consistency.

Changed references from 'applicant/growth fund' to 'growth fund applicant' throughout the text for clarity.

The act's title and program name were changed from 'WV First Small Business Growth Act' to 'Small Business Growth Act,' removing specific state branding.

The definition of 'Growth fund' was updated to require a business plan to invest specifically in 'rural business concerns' instead of general 'business concerns'.

The definition of 'Growth fund' was changed to require soliciting 'private investors' instead of 'growth investors' to make capital contributions.

The effective date was changed from 'in effect from passage' to a fixed date of January 1, 2027.

Updated the 'Capital investment' definition to reference the 2020 Federal Decennial Census instead of the 2010 Census for verifying applicant investment experience.

Changed the maximum collective investment limit per eligible business from '20 percent of the growth fund's capital investment authority' to a fixed '$7.5 million'.

Added a new provision stating that no tax credits can be claimed for any tax year that begins prior to calendar year 2029.

Inserted a new clause preventing the bill from being used to reduce mandatory distributions or allocations required for other state funds under specific insurance code sections.

Changed the recapture clause to clarify that distributions resulting in less than 100% of capital investment authority invested must occur before the earlier of exiting the program or 30 days after the sixth anniversary.

Updated the short title from 'Small Business Growth Act' to 'WV First Small Business Growth Act' and added the full list of sponsoring senators.