WEST virginia legislature

2018 regular session

Introduced

Senate Bill 365

By Senators Weld, Ferns, Unger, Plymale, Baldwin, Cline, and Boso

[Introduced January 24, 2018; Referred
to the Committee on Economic Development]

A BILL to amend and reenact §59-1-2c of the Code of West Virginia, 1931, as amended, relating to the Young Entrepreneur Reinvestment Act; waiving certain fees for individuals under 30 years of age creating certain business organizations; and eliminating sunset date for expiration of fee waivers.

Be it enacted by the Legislature of West Virginia:

ARTICLE 1.  FEES AND ALLOWANCES.

§59-1-2c.  Young Entrepreneur Reinvestment Act; certain fees waived.

(a) Beginning on July 1, 2016, a person who is under the age of 30 who resides within West Virginia is exempt from paying the fees provided in section two of this article for filing:

(1) Articles of incorporation of a domestic, for profit corporation, for which he or she is an incorporator;

(2) Articles of incorporation of a domestic, nonprofit corporation for which he or she is an incorporator;

(3) Articles of organization of a domestic limited liability company, for which he or she is a member;

(4) Agreement of a domestic general partnership, for which he or she is a partner; or

(5) Certificate of a domestic limited partnership, for which he or she is a partner.

(b) This section is effective until and through June 30, 2018.  After June 30, 2018, this section is no longer in force and effect

NOTE: The purpose of this bill is to keep in effect the provisions of the Young Entrepreneur Reinvestment Act.

Strike-throughs indicate language that would be stricken from a heading or the present law and underscoring indicates new language that would be added.