Tax Incentives
Tax Incentives Through West Virginia
Tax incentives are available for expanding companies and companies interested in being headquartered in the state.
Many other incentives and financing options are outlined here. Our team is happy to arrange a meeting with officials at the state level to explore how these incentives may help your business.
Freeport Exemption
Provides an exemption from ad valorem property tax on 1. Manufactured goods made in the state and stored for a limited time before shipment out of state, and 2. Goods transported into the state for a limited time before being shipped out of state.
Manufacturing Inventory Credit
Allows property tax on raw materials, goods in process, and finished goods in the manufacturing inventory to offset a company’s net corporate income tax.
Manufacturing Investment Credit
For qualified companies, a credit of 60% of corporate net income tax based on investment in eligible manufacturing property. No new job creation is required for eligibility.
Sales Tax Exemption for Qualified Warehouse & Distribution Centers
Allows exemption in consumer sales service tax on the purchase of eligible and tangible personal property.
Manufacturing Sales Tax Exemption
Exemption from the 6% WV sales tax and use tax and 1% municipal sales tax on the purchase of materials and equipment for direct use in the manufacturing process and in the construction of a manufacturing facility.
Maximize Your Investment:
Leverage the Tourism Development Act for a 25% Tax Credit on Qualifying Projects
Approved Projects Should:
- Involve the investment/approved costs of at least $1,000,000
- Attract at least 25 percent of its visitors from out of state
- Be open to the public at least 100 days per year
- Provide for additional employment opportunities in West Virginia’s tourism industry
- Create a significant and positive impact on the state
Projects involving lodging must meet one of the following to be eligible:
- Lodging represents less than 50% of the project’s approved costs
- Be located on recreational property owned or leased by the state or federal government
- Involves the restoration or rehabilitation of a building on the National Register of Historic Places, or located in a historic district
You can read more about it below:
If you are a residential builder in Putnam County looking for housing development tax incentives, please click below.