The Charleston Area Alliance is dedicated to meeting your company’s needs and will work with your business or organization to explore West Virginia’s tax credits and financing programs. West Virginia’s development assistance programs can provide cost savings to businesses choosing to operate in the Mountain State.
- Corporate Headquarters Credit: Tax credits eligible to companies relocating their corporate headquarters and creating 15 new jobs (including relocated employees) within the first year.
- Economic Opportunity Credit: Companies creating 20 new jobs within a specified time limit as a result of their business expansion projects can explore this credit, which can offset up to 80 percent of taxes.
- “Five-forTen” Program: Tax incentive for businesses making qualified capital improvements of at least $10 million to an existing base of $20 million or more, assessing the new capital addition at a salvage value of 3 percent for the first 10 years.
- Manufacturing Investment Credit: Allows a 60 percent corporate net income tax credit and franchise tax credit based on investment with no new job creation required.
- Manufacturing Sales Tax Exemption: Businesses are exempt from the 6 percent state sales and use tax for materials and equipment purchased for direct use in manufacturing.
- Strategic R&D Credit: Allows for up to 100 percent tax offset for R&D projects. R&D expenses are exempt from sales tax.
- The Freeport Amendment: Goods in transit to an out-of-state destination are exempt from “ad valorem” property taxes when warehoused in West Virginia