West Virginia Business Resource
Over the past five years, West Virginia has eliminated nearly $250 million dollars of taxes on business, and has passed legislation implementing a phased reduction to the state’s corporate net income tax through 2014. The state also offers a variety of tax programs designed to bolster growth in specific industries.
For example, West Virginia’s “Five-For-Ten” program offers decreased property taxes to businesses in the manufacturing sector by valuing capital improvements to their equipment at just 5 percent of actual value, for up to ten years. By doing so, West Virginia can incentivize companies to expand and modernize their facilities and retain jobs.
The state also offers manufacturing businesses access to credits for qualified investments made in productive property. These can be used to offset up to 60 percent of a company’s income and franchise tax liabilities. The state also provides a credit on raw materials and goods held in inventory by manufacturers, as well as a High-Tech Manufacturing Credit, which can be used to offset up to 100 percent of a company’s tax obligation if job-creation benchmarks are met.