Incentives & Credits
Become Part of Pleasants County's Footprint
Below you will find a selection of financial incentives, tax credits, and training assistance programs designed to help your business grow.
To explore the full range of opportunities available, read through the drop downs, and then contact us directly. We’re excited to connect with you and support your success.
State Incentives
Take a look at West Virginia's incentive programs.
The following are basic descriptions of the state incentive programs. We are happy to arrange a meeting with the West Virginia Department of Economic Development and your team to explore potential state incentives. These incentives are explained in more detail below.
Aircraft owned or leased by commercial airlines, charter carriers, private carriers and private companies are valued for property tax purposes at the lower of fair market salvage value or 5% of the original cost of the property.
All aircraft owned or leased by commercial airlines or private carriers, or any parts, materials or items used in the construction, maintenance or repair of aircraft which are, or are intended to become, affixed to or a part of an aircraft or of an aircraft’s engine or of any other component of an aircraft will be valued at “salvage value” or 5% of original costs, whichever is the lesser amount.
Passed in the 2022 Legislative Session, the BUILD WV Act aims to assist West Virginia’s growing communities in attracting much-needed housing development projects. The credit offers a State Sales and Use Tax exemption for building materials and a 10-year property value adjustment refundable tax credit to offset building costs. West Virginia is one of the fastest growing in-bound states, and the demand for new, residential properties has never been higher.
The West Virginia Department of Economic Development (WVDED) oversees the program and reviews all applications. A non-refundable application fee of $5,000 is required to apply. Projects must apply and be approved prior to the completion of construction.
The BUILD WV Act allows for the following incentives for approved BUILD WV Projects:-
Sales Tax Exemption – Purchases of building materials, tangible personal property, and services by a construction contractor or subcontractor directly used in the construction of a certified BUILD WV project are exempt from consumer sales and service tax.
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Property Value Adjustment Credit (PVAC) – PVAC credit can be taken against personal or corporate income tax of the eligible taxpayer, beginning in the tax year in which construction of the project property is completed and ending in the 10th taxable year thereafter. This tax credit is refundable, up to $100,000 per project.
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Potential for B&O Tax Exemption – To be determined by individual municipalities, authorized by an ordinance.
Projects eligible for the BUILD WV Act will meet the following criteria:-
Be located in a certified BUILD WV District, as designated by the Secretaries of Commerce, Economic Development, and Tourism.
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Generate approved costs in excess of $3,000,000 OR includes at least six residential units or houses.
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Create a significant and positive economic impact on the state.
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Will directly or indirectly improve opportunity in the area where the project will be located for the successful establishment or expansion of other commercial businesses.
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For qualified companies that create at least 20 new jobs within specified time limits (10 jobs in the case of qualified small businesses) as a result of their business expansion projects, the State’s Economic Opportunity Tax Credit can offset up to 80% of the corporate net income tax and personal income tax (on flow through income only) attributable to qualified investment. If a qualified company that creates the requisite number of jobs pays an annual median wage higher than the statewide average non-farm payroll wage, then the qualified company can offset up to 100% of the corporate net income tax and personal income tax (on flow through income only) attributable to qualified investment.
For qualified businesses creating less than 20 new jobs within specified time limits, or for a qualified small business creating less than 10 new jobs, a $3,000 credit is allowed per new full-time job for five years, providing the new job pays at least $35,700 per year and the employee has employer provided health insurance benefits. The $35,700 figure is adjusted annually for cost of living.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% of the tax liability for business and occupation tax, corporate net income tax, and personal income tax on certain pass- through income, for a period of up to 13 years.
The Freeport Amendment exempts property from the West Virginia ad valorem property tax in two ways. First, 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. Second, 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.
Qualified businesses include only those engaged in the activities of manufacturing, information processing, warehousing, non-retail goods distribution, qualified research and development, the relocation of a corporate headquarters, or destination-oriented recreation and tourism.Investments greater than $50M in a manufacturing facility having $100M or more of preexisting investment in place prior to the new investment are valued at 5% of cost of the new investment for property tax purposes. For capital additions certified on or after July 1, 2011, the value of the land before any improvements is subtracted from the value of the capital addition, and the unimproved land value is not given salvage value treatment.
Businesses 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, can receive a tax credit to offset 100% of the corporate net income tax, and personal income tax on certain pass through income for 20 consecutive years.
Businesses 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, can receive a tax credit to offset 100% of the corporate net income tax, and personal income tax on certain pass through income for 20 consecutive years.
Tangible personal property, including servers, directly used in a high-technology business or in an internet advertising business, is valued for property tax purposes at five percent of the original cost of the property. In addition, sales tax is eliminated from all purchases of pre-written computer software, computers, computer hardware, servers, building materials and tangible personal property for direct use in a high-technology business or internet advertising business.
For lodging stays more than 30 consecutive days per person at the same facility, there is an exemption from the state consumers’ sales and service tax (6%).
Offsets the corporate net income tax in the amount of property tax paid on raw materials, goods in process and finished goods manufacturing inventory.
A tax credit is allowed against up to 60% of corporate net income tax and based on qualified investment in eligible manufacturing property, with no new job creation required.
Purchases of materials and equipment for direct use in manufacturing are exempt from the 6% state sales and use tax and 1% municipal sales tax, including building materials and process equipment purchased for construction of a manufacturing facility.
Purchases of tangible personal property and services directly used in research and development are exempt from the consumer sales tax.
Some computer-related sales of tangible personal property and services are exempt from the consumer sales and services tax.
Purchases of certain tangible personal property in qualified warehouse and distribution centers may be exempt from the consumer sales and service tax.
Allows increases in property tax based on the improvement associated with qualified economic development and public improvement projects to assist with their long-term financing.
Up to 31 percent of direct-production and post-production expenditures can be converted to transferable tax credits to offset state taxes. Also, purchases and rentals of tangible personal property and purchases of services (excluding gasoline or special fuel, food or beverages) directly used in the activity of manufacturing a motion picture, TV program, music video, or commercial are exempt from the consumer sales and service tax and use tax.
The Cooperative Advertising Program is designed to increase overall brand awareness for both the state of West Virginia and participating tourism industry partners through a mix of national, regional and local advertising opportunities. Under this program, tourism businesses can purchase paid advertising at a reduced cost and receive an 80/20 split dollar match from the state on their advertising buy.
A tax credit against the tax imposed for operating costs shall be granted to an employer who provides or sponsors child care for employees. The amount of the tax credit shall be equal to 50 percent of the cost of operation to the employer less any amounts paid for by employees during a taxable year.
Direct Financial
Assistance Information
On-the-Job Training Opportunities
The West Virginia Economic Development Authority can provide up to 45% in financing fixed assets by providing low-interest, direct loans to expanding state businesses and firms locating in West Virginia. Loan term is generally 15 years for real estate intensive projects and five to 10 years for equipment projects. Loan proceeds may be used for the acquisition of land, buildings and equipment. Working capital loans and the refinancing of existing debt are not eligible.
The West Virginia Economic Development Authority provides a loan insurance program through participating commercial banks to assist firms that cannot obtain conventional bank financing. This program insures up to 80% of a bank loan for a maximum loan term of four years. Loan proceeds may be used for any business purpose except the refinancing of existing debt.
This program provides for customized financing through federal tax-exempt industrial revenue bonds. Of the state’s bond allocation, $59,757,600 is reserved for small manufacturing projects; $17,073,600 for qualifying projects in Enterprise Communities, and $93,904,800 for exempt facility projects. Tax Increment Financing (TIF) Allows increases in property tax based on the improvement associated with qualified economic development and public improvement projects to assist with their long-term financing.
The fund can be used for financial assistance to private companies, public utilities, and county development authorities for infrastructure improvements to support economic development projects.
West Virginia Jobs Investment Trust (JIT) is a public venture capital fund created to develop, promote and expand West Virginia’s economy. The program makes investment funds available to eligible businesses, thus stimulating economic growth and providing or retaining jobs within the state.
Approved companies will be able to apply a sales tax credit to their monthly sales tax returns once the new or expansion project is complete and open to the public. The sales tax credit equals 25% of the project’s approved costs/investment. The following scenarios may qualify a company for 35% of the project investment:
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Project is located on or adjacent to an abandoned mine land.
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Project is located within 5 miles of state or federal recreation land (i.e. state or national Park).
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Project involves a structure on the National Register of Historic Places (or located within a National Historic District) and is considered to be a contributing resource.
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The credit may be taken over a ten year period at the rate of 1/10th of the approved cost/investment amount annually. After 10 years, a company may request an additional 15 year period to use any remaining credit. The credit is applied to sales tax collected above and beyond an established based tax (base tax is the average of sales tax collected the 12 months prior to project opening).
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Allows increases in property tax based on the improvement associated with qualified economic development and public improvement projects to assist with their long-term financing.
On-the-Job Training (OJT) provides unique opportunities for participants to “learn as they earn.“ By participating in training as an employee, the participant not only acquires new skills and knowledge, but also receives the same wages and benefits as current employees in same or similar positions. The employer benefits by being reimbursed for part of the participant’s wages during the training period, while having the services of a full-time employee.
The Governor’s Guaranteed Work Force Program provides financial and technical assistance to West Virginia’s businesses for training, retraining, or for upgrading the skills of existing and new employees. To be eligible to receive funding, a company must provide documentation that they are compliant with the West Virginia Department of Tax and Revenue, Unemployment Compensation and Worker’s Compensation. Application is attached. This program covers up to 50% of training (up to $2,000) per employee per fiscal year. The fiscal year is July 1- June 30th.
The Apprenticeship In Motion (AIM) program promotes and expands registered, nontraditional apprenticeship activity in the Mountain State. This collaborative group of partners identifies, standardizes and develops courses that are needed statewide in order to increase and improve the registered apprenticeship programs within West Virginia.
The AIM program provides a host of benefits to both businesses and individuals in West Virginia.
The total cost of the AIM-WV program is $803,374.25. $803,374.25 (100%) is funded by a U.S. Department of Labor Employment and Training Administration grant. The product was created by the recipient and does not necessarily reflect the official position of the U.S. Department of Labor. The USDOL makes no guarantees, warranties, or assurances of any kind, express or implied, with respect to such information, including any information on the linked sites and including, but not limited to, accuracy of the information or its completeness, timeliness, usefulness, adequacy, continued availability, or ownership.The Workforce Innovation and Opportunity Act (WIOA) was created to provide state and local areas the flexibility to collaborate across systems in an effort to better address the employment and skills needs of current employees, jobseekers, and employers. The Workforce Innovation and Opportunity Act aligns training with needed skills and matches employers with qualified workers. It provides incumbent worker training and promotes work-based training— increasing on-the-job training reimbursement rates to 75 percent. On-the-Job Training (OJT) provides opportunities for participants to “learn as they earn.“ The employer also benefits by being reimbursed for part of the participant’s wages during the training period, while having the services of a full-time employee.
This flexible program offers customized job training awards to new and existing businesses. The program offers development and delivery of training services that will support a company’s startup and ongoing employee development initiatives through a local Community and Technical College.
How can we help you?
Looking to start a business, connect locally, or explore Pleasants County, WV? We're here to help. From growth opportunities to tourism, our organizations proudly showcase what makes our county thrive. Contact us to discover how we can support your goals and your place in Pleasants County.
