In an effort to entice Businesses to locate in the City and help them grow, the Board of Directors has adopted an incentive program. The program is as follows:
Historic Downtown Business Incentives
The Downtown Historic District covers the area within the City bounded on the north with Princeton Avenue, on the east by Scott Street and Edward Terrace, on the south by Clifford and Jones Streets, and on the west by Russell Street, which runs into Princeton Avenue.
Any new business that physically locates its principal place of business within the Historic District either through purchasing real property or by virtue of a two year lease may be eligible for a B&O Tax reduction for a period of four years. The B&O Tax reduction is as follows for qualifying businesses:
- The First Year the new business pays no B&O Tax to the City
- The Second Year the new business pays only 25 % of the calculated B&O Tax
- The Third Year the new business pays only 50 % of the calculated B&O Tax
- The Fourth Year the new business pays only 75 % of the calculated B&O Tax
- The Fifth Year the business begins paying the full amount of the B&O Tax
Even if a new business is receiving the B&O Incentive they must report the information to the City on a quarterly basis. For more detailed information about the B&O Tax Incentive please contact us.
Business Incentives in the City Outside of the Historic Downtown District
Any new business that physically locates its principal place of business within the City but outside the Downtown Historic District either through purchasing real property or by virtue of a two year lease may be eligible for a B&O Tax reduction for a period of three years. The B&O
Tax reduction is as follows for qualifying businesses:
- The First Year the new business pays no B&O Tax to the City
- The Second Year the new business pays only 33 % of the calculated B&O Tax
- The Third Year the new business pays only 67 % of the calculated B&O Tax
- The Fourth Year the business begins paying the full amount of the B&O Tax
Even if a new business is receiving the B&O Incentive they must report the information to the City on a quarterly basis. For more detailed information about the B&O Tax Incentive please contact us.
Boots-to-Business Program Link
The new law will waive the registration fee for a new business started by a veteran and the annual report filing fee for the first four years – a potential savings of up to $200. The Secretary of State’s Office is absorbing the cost of waiving the fees and the law will not cost taxpayers any additional money.
Other Incentives
This website containing detailed information about the WV Tax Credit program that provides private employers who hire unemployed members of the National Guard, reserves and disabled veterans with a credit against their WV Corporate Income Taxes. To obtain a certificate of eligibility, contact the local WorkForce WV office.
West Virginia has several energy incentives and policies, including:
- An alternative and renewable energy portfolio standard requiring state electric generating utilities to supply 25 percent of retail electric sales from eligible alternative and renewable energy resources by 2025
- A net metering policy that allows West Virginia residents to get credit from their electric utilities for electricity generated from renewable energy sources such as solar, wind, biomass, landfill gas and hydropower
- A residential solar energy tax credit
- A sales tax exemption for ENERGY STAR products
- A tax exemption and a special property tax assessment for commercial wind energy
Beautiful locations are not the only reason to choose West Virginia for filming. Tax credits, sales tax exemptions and other incentives combine to make West Virginia the perfect location for filming.
Up to 31% Transferable Tax Credits
The West Virginia Film Industry Investment Act is a competitive tool used to recruit film industry business into the state. The Act provides up to 31% tax credits for in-state spend (27% base, plus 4% for 10 or more resident crew or talent hires). Funded at $5 million annually; no caps; minimum spend of $25,000. Eligible projects include feature length films, TV films and series, commercials, music videos, and commercial still photography. Please visit our pages for guidelines, forms, and overview.
One-Stop-On-Line Business Registration
Business4WV.com is your online portal to state business services in West Virginia. Start here to establish a new West Virginia business or bring your out-of-state company to the Mountain State. Return here to keep your business filings current.
State Sales Tax Exemptions
Purchases and rentals of tangible personal property and purchases of services directly used in production are exempt from state sales tax (6%) (excluding food, beverages, motor fuel). Registration with the Tax Department is required, and with the exception of Sole Proprietors, all vendors must also register with the Secretary of State. To apply for exemption with the Tax Department, complete the Direct Pay Permit application. See also Doing Business in WV for registering with the Secretary of State and learning about other important requirements for doing business
The state of West Virginia enacted a $2,000 tax credit for residential solar water heating, solar space heating and photovoltaics. For more information visit Database of State Incentives for Renewables and Efficiency.
Transferable Tax Credits: Up to 31% of qualified in-state spend (27% base plus 4% if 10 or more West Virginia residents hired full time)
Caps: $25,000 minimum in-state spend…no per project cap or shooting percentage requirement…funded at $5 million annually
West Virginia’s Business Resources Link
WEST VIRGINIA maintains a staff of business assistance professionals to offer a number of development incentives that create a climate favorable to attracting new business into the state. Through the West Virginia Development Office, the state offers a comprehensive business assistance program. It offers assistance to domestic and international businesses, ranging from pre-venture counseling for new business start-ups to locating new facilities and expanding existing businesses.