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 are eligible for tax credits if 15 new jobs within the first year are eligible. 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 a term of up to 13 years.
Economic Opportunity Credit
Qualified companies creating at least 20 new jobs within certain time 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 in excess of $50 million, with $100 million or more of preexisting investment prior to the new investment, are valued at five percent of cost of the new 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 that have 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 of the state, which are held for a short period 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 which create at least 20 new jobs within one year after placement of 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 workforce. Companies must create a minimum of 10 net new jobs within a 12-month period to be eligible for the program.
Workforce Innovation & Opportunity Act (WIOA)
WIOA allows state and local agencies the flexibility to collaborate across systems to better address the employment and skills needs of current employers and employees as well as job candidates.
The WIOA aligns training with desired skills and matches employers with qualified job candidates. The program provides incumbent worker training and promotes on-the-job training (OJT) reimbursement rates of up to 75 percent. OJT provides employers reimbursement for part of the trainee's wages during the training period while having the services of a full-time employee.
Notice: This list of economic development incentive programs is intended to provide a high-level overview of commonly pursued state discretionary programs. A comprehensive analysis of project details will determine the full scope of state and local incentive programs that may be available to support a specific project.