WEST VIRGINIA INCENTIVES SUMMARY

West Virginia Jobs Investment Trust (JIT)
The JIT is a public venture capital fund created to develop, promote, and expand the West Virginia economy via job creation and capital investment. The program makes investment funds available to eligible companies for creating and retaining jobs within the state.

Corporate Headquarters Credit
Companies relocating corporate headquarters to West Virginia and creating at least 15 new jobs within the first year are eligible for tax credits. The tax credit may offset up to 100% of the tax liability for business and occupation tax, corporate net income tax, and personal income tax on certain pass-through income, for up to 13 years.

Economic Opportunity Credit
Qualified companies creating at least 20 new jobs within specific periods may offset up to 80% of the corporate net income tax and personal income tax (on flow-through income only) attributable to qualified capital investments. Companies creating the minimum number of jobs and paying an annual median wage higher than the statewide average non-farm payroll wage may offset up to 100% of the corporate net income tax and personal income tax (on flow-through income only) attributable to qualified investment.

Five for Ten Program - Manufacturing Facilities
Manufacturing facility investments over $50 million, with $100 million or more of preexisting investment before the new investment, are valued at five percent of the cost of the latest investment for tax purposes.

Five for Ten Program - Fractionating Plants and Secondary Plants
Up to 10 years of special property tax valuation equal to 5% of the cost of the qualified real property (excluding the value of unimproved land) and qualified personal property is available to facilities that are classified under NAICS code 211112 (natural gas liquid extraction fractionating plants) and to manufacturing facilities that use products produced at a facility with a 211112 NAICS code. The special property tax valuation applies to qualified capital investment additions of more than $10 million made to pre-existing manufacturing facilities with a value in place before the capital investment addition of more than $20 million.

The Freeport Amendment
The Freeport Amendment exempts property from the West Virginia ad valorem property tax if manufactured products are produced in West Virginia and stored in the state for a short period before transferring into interstate commerce. Manufactured products transported into West Virginia from outside the state, held briefly in a warehouse, and then shipped to a destination outside of West Virginia are also exempt from the property tax. The exemption does not apply to inventories of raw materials or goods in process.

High-Tech Manufacturing Credit
Companies that manufacture certain computers and peripheral equipment, electronic components, or semiconductors and create at least 20 new jobs within one year after placing a qualified investment into service may receive a tax credit that offsets 100% of the business and occupation tax, corporate net income tax, and personal income tax on certain pass-through income for 20 consecutive years.

Governor Guaranteed Work Force Program
This customized training program aids eligible companies and businesses by providing funding that directly supports the transfer of knowledge and skills throughout a company's workforce. To be eligible for the program, companies must create a minimum of 10 net new jobs within a 12-month period. Awards cannot exceed $2,000 per trainee.

Workforce West Virginia
This program allows state and local agencies the flexibility to collaborate across systems to better address the employment and skills needs of current employers, employees, and job candidates. Workforce West Virginia aligns training with desired skills and matches employers with qualified job candidates.