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 I-79 Exit 105 site - aerial shot

 

Lewis County Economic
Development Authority
P.O. Box 466
Weston, WV 26452

Ph: 304.269.4993
Fax: 304.269.2416

 

Doing Business in Lewis County

Tax Incentives

With help from the State Development office, we are able to provide many tax incentives to businesses looking to expand or locate in Lewis County. West Virginia has eliminated $126 million of business tax burden in FY 2012 and more than $450 million during the past six years.

West Virginia also employs a variety of tax credits for businesses:

    Corporate Headquarters Credit
    Companies that relocate their corporate headquarters to West Virginia are eligible for tax credits if 15 new jobs (including relocated employees) are created within the first year.  The credit can offset up to 100 percent of the tax liability for business and occupational tax, business franchise tax, corporate net income tax, and personal income tax on certain pass through income for a period of up to 13 years.

    Economic Opportunity Tax Credit
    For qualified companies that create at least 20 new jobs within specified time limits (10 jobs in the case of qualified small business) as a result of a business expansion project, the can offset up to 80 percent of specified business taxes for a period of up to 13 years.  If a qualified company creates the required jobs and they pay more than the state average non-farm payroll wage, the company can offset 100 percent of the taxes for 13 years. Qualified businesses creating less than 20 new jobs or a small business creating less that 10 new jobs, a $3,000 credit is allowed per new full time job for 5 years, provided the job pays at least $32,000 per year and the employee has employer-provided health insurance.

    Small Business Tax Credit
    An eligible small business taxpayer is allowed a credit in the manner described above for the general Economic Opportunity Tax Credit, except that the small business must create at least 10 new West Virginia jobs within 12 months, rather than 20 new jobs within 3 years.  If the qualified small business creates at least 10 qualified new jobs, the small business may receive a credit equal to 10 percent of its qualified investment.

    Manufacturing Investment Credit
    A tax credit is allowed against up to 60 percent of the corporate net income tax and business franchise tax based on qualified investment in eligible manufacturing property, with no new job creation required. (5 percent of qualified investment taken proportionally over 10 years)

    The Freeport Amendment
    The Freeport Amendment exempts property from the West Virginia ad valorem property tax in two ways:

        Manufactured products produced in West Virginia and stored in the state for a short time before moving into interstate commerce are exempt from property tax.

        Goods transported into West Virginia from outside of the state, which are held for a short time in a warehouse and then shipped to a destination outside of West Virginia, are exempt from the property tax. * The exemption does not apply to inventories of raw materials or goods in process.

    Others:

        Aircraft Valuation

        Construction Trades Apprenticeship Training Tax Credit

        Economic Opportunity Tax Credit

        West Virginia Film Industry Investment Act

        "Five-For-Ten" Program

        High-Tech Manufacturing Credit

        High-Tech Business Property Valuation Act

        Special Property Tax Valuation

        Commercial Patent Incentives Credit

        Strategic Research and Development Credit

        Research and Development Sales Tax Exemption

        Manufacturing Inventory Credit

        Manufacturing Sales Tax Exemption

        Lodging Exemptions

    For more information regarding taxes, please call the LCEDA
    or visit the WV State Tax Department website.

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