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West Virginia
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West Virginia: Technology-Related Sectors Represent New Economic FocusWest Virginia is making a concerted effort to reposition itself as a location destination for high-tech industries. More |
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West Virginia Offers Business Tax Breaks, Low Living CostsAccording to Kelley Goes, secretary of the West Virginia Department of Commerce (WVDC), the state’s average unemployment rate last year was 4.6 percent, the lowest unemployment average in the state’s history; the number of West Virginians working last year averaged 778,269, the highest number ever recorded; in addition, the cost of living was 4 percent below the national average More |
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A conversation with… Mark Julian, Director of Business and Industrial Development Division, West Virginia Development Office“In the first six months of 2007, U.S. exports grew 10 percent, but West Virginia exports grew by 17 percent, surpassing the national average. In order of size, West Virginia’s top international export markets are the European Union, Canada, Japan and China. The state hosts more than 100 international manufacturing facilities.” More |
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West Virginia
At A Glance
POPULATION:
1,812,035 (July 2007 estimate)
Corporation Net Income Tax: Imposed annually at a rate of 8.75 percent; there will be a phased reduction in the tax from 8.75 percent to 6.75 percent by 2014
LABOR FORCE: 829,600 (August 2008)
RIGHT TO WORK: NoTRADITIONAL INDUSTRIES: Chemicals, plastics, steel, glass, fabricated metals, value-added wood products
EXPANDING INDUSTRIES: Biometrics/biomedical technology, energy and environmental technology, transportation equipment, aerospace, business services, information technology, printing, tourismCOLLEGE GRADUATES: (Age 25 and over) 19.2%
BASIC BUSINESS TAXES:Corporation Net Income Tax: Imposed annually at a rate of 8.75 percent; there will be a phased reduction in the tax from 8.75 percent to 6.75 percent by 2014
Business Franchise Tax: The measure of the business tax base is the net worth of the corporation or partnership as determined for federal income tax purposes; the rate of tax is 0.55 percent or $50, whichever is greater; there will be a phased reduction in the tax beginning in 2009 and the tax will be eliminated in 2015
Consumers Sales and Service (CSST) and Use Tax: Consumers' sales and service tax and a use tax; sales of goods and services to a manufacturer for direct use in manufacturing are exempt from CSST (for in-state purchases) and from the use tax (for out-of-state purchases)Business Registration Tax: $30 biennially for each location in which business is conducted
Property Tax: Ad valorem property taxes are local taxes; assessed value of non-utility property is set locally by elected county officials; guidelines are provided by the state to achieve equal and uniform assessed values for property throughout the stateBUSINESS INCENTIVES:
West Virginia Economic Development Authority (direct and indirect loans)
Industrial revenue bonds
West Virginia Infrastructure and Jobs Development Council
Linked Deposit Program
Venture capital
Corporate Headquarters Credit
Economic Opportunity Credit
"Five-for-Ten" Program
Manufacturing Investment Credit
Manufacturing sales tax exemption
Strategic R&D Tax Credit
Warehouse "Freeport" tax
exemption
Sales tax exemption for e-commerce vendors
High-Growth Business Investment Tax Credit
Tourism development incentive
Tax increment financing
Tourism Matching Advertising Partnership Program
Aircraft valuation
Lodging exemptions
West Virginia Film Industry Investment Act
High-Tech Manufacturing Credit
Governor's Guaranteed Work Force Program
Workforce Investment Act Program
SPONSOR PROFILES:
