Beginning July 1, veterans wanting to start a new business in West Virginia will get a break in up-front, administrative costs.
The new “Boots to Business” waiver, an initiative that passed the House and Senate unanimously during the 2015 legislative session, will exempt a new business and the annual report filing fee for the first four years that equals a potential savings of up to $200. The Secretary of State’s Office is absorbing the cost of waiving the fees.
The initiative was endorsed by the West Virginia Veterans Coalition.
According to the Small Business Administration, veterans are 45 percent more likely to be self-employed than those with no military experience.
“The military has consistently created leaders throughout the history of this country,” Secretary of State Natalie Tennant said in a news release. “These highly-skilled individuals are already leaders in their communities and I am confident will also become leaders in the business industry. I believe wholeheartedly that investing in our veterans and their dreams through the Boots to Business waiver is a worthwhile investment.”
James McCormick, a representative of the Veterans Coalition, started a business after completing military service, and said the measure will encourage other veteran-owned businesses to come to West Virginia.
“It will carry the most weight outside the state,” McCormick said.
Sen. Daniel Hall, R-Wyoming, was the bill’s lead sponsor in the Senate.
“By eliminating these fees for a short period of time, we can give the people who have served our country a chance for, hopefully, a new beginning and assist them in being able to grow their businesses to a productive entity for the betterment of West Virginia,” he said.
Delegate Joshua Nelson, R-Boone, also spoke in support of the initiative.
“Allowing veterans a few years of relief of business fees will not only stimulate the economy by providing an incentive for new job creation, but also help combat the veteran suicide rate by encouraging those that have served us the possibility and the dignity of creating jobs,” he said.
Veterans can begin filing and taking advantage of the new Boots to Business waiver beginning July 1.
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