Employer Community Supports the “Jumpstart Savings Program”
CHARLESTON, W.Va. ─ The West Virginia Business & Industry Council (BIC), representing numerous West Virginia trade associations and businesses accounting for hundreds of thousands of employees across the state, announces its full support for House Bill 2001, the West Virginia Jumpstart Savings Program.
“This important legislation will prepare the next generation to enter the workforce and equip them with the funding to obtain necessary certifications, training and tools,” said Mike Clowser, chairman of the West Virginia Business & Industry Council. “We commend State Treasurer Riley Moore for having the foresight to develop this program and we encourage the House of Delegates to pass the bill when it comes to the floor this week.”
Clowser said BIC encourages the creation of workforce development and educational initiatives that address the workforce shortages occurring in many of the state’s primary industries, including manufacturing, contracting and energy.
The West Virginia Jumpstart Savings program will allow families and individuals to save money for future expenses like tools, equipment, and business start-up costs involved in a chosen trade or occupation. The bill creates several state tax incentives to help program participants save money by allowing an income tax deduction for contributions to a Jumpstart Savings account and distributions that are used for qualified expenses.
The West Virginia Business & Industry Council’s goal is to enhance the business climate in West Virginia, and its members have been working to that end for more than four decades.
For additional information, contact Mike Clowser at (304) 342-1166.