POPULATION: 1,853,000
LABOR FORCE: 805,600 (2012)
RIGHT TO WORK: No
TRADITIONAL INDUSTRIES:Chemicals, plastics, steel, glass,
fabricated metals, automotive,
wood products, tourism
EXPANDING INDUSTRIES: Biometrics/biomedical technology,
energy/environmental
technology, transportation
equipment, aerospace, business
services, information technology,
printing, warehouse
distribution
COLLEGE GRADUATES: (Age 25 and over) 19.2%
BASIC BUSINESS TAXES:
Corporation Net Income Tax: The corporation net income
tax is imposed annually at a
2012 rate of 7.75 percent of
federal taxable income allocated
and apportioned to West
Virginia. There is a scheduled
phased tax rate reduction
intended to bring the tax rate
to 6.5 percent by 2014.
Business Franchise Tax: The tax
base is the net worth of the
corporation or partnership as
determined for federal income
tax purposes. The 2012 tax rate
is 0.27 percent of the tax base
apportioned to West Virginia or
$50, whichever is greater.
There will be an annual phased
reduction in the tax and the tax
is scheduled to be eliminated
in 2015.
Consumers Sales and Service
(CSST) and Use Tax: There is a 6
percent 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 outof-
state purchases).
Business Registration Tax: This is
a one-time $30 tax required for
each location in which business
activity is conducted.
Businesses generating annual
gross income of less than
$4,000 are exempt from payment
but still must file to
obtain the certificate. Business
registration certificates issued
on or after July 1, 2010 are
issued on a permanent basis
and not subject to renewal.
Property Tax: Ad valorem property
taxes are local taxes;
assessed value of non-utility
property is set locally by elected
county officials.
BUSINESS 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
(fractionating plants and
secondary plants)
"Five For Twenty-Five"
Program ($2 billion primary
fractionating plants, secondary
plants and tertiary plants
Manufacturing Investment
Credit
Manufacturing Inventory Credit
Strategic R&D Credit
Commercial Patent Incentives
Credit
W.V. Film Industry Investment
Act
High-Tech Manufacturing
Credit
Aircraft Valuation
High-Technology Business
Property Valuation Act
The Freeport Amendment
Manufacturing sales tax
exemption
Special rates for electric power
industrial consumers
Research and development
sales tax exemption
Sales tax exemption for certain
e-commerce businesses
Tax increment financing
Tourism Matching Advertising
Partnership Program
Lodging exemptions
Governor's Guaranteed Work
Force Program
Workforce Investment Act
Program
