WEST virginia legislature

2016 regular session

Committee Substitute

for

House Bill 2897

(By Delegates Weld, Foster, Kessinger, Hill, Blair and Ihle)

[Originated in the Committee on Finance, February 19, 2016]

A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §59-1-2c, relating to  creating Young Entrepreneur Reinvestment Act; waiving certain fees for individuals under thirty creating certain business organizations, and expire the waiver of those fees.

Be it enacted by the Legislature of West Virginia:

That the Code of West Virginia, 1931, as amended, be amended by adding thereto a new section, designated §59-1-2c, to read as follows:

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 thirty 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  After June 30, 2018, this section is no longer in force and effect.