STATE INCENTIVES

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State Incentives

The following are basic descriptions of the state incentive programs. Our team is happy to arrange a meeting with the West Virginia Development Office (WVDO) and your team to explore potential state incentives. These incentives are explained in more detail below.

Wood County Development Authority/Corporation Incentives

Based upon the type and number of new jobs to be created, the total capital investment for a project, and a review of the company's financial statements, the Wood County Development Authority can offer companies that establish new facilities the following types of incentives:

The West Virginia Economic Development Authority can provide up to 45 percent 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 percent 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.

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.

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 a one-step service for all economic development-related job training needs. Under this program, the State of West Virginia will pay up to 100% of new or existing employees' cost of training. Up to $2,000 per employee is allowed. Workforce WV offers up to one year salary for qualified employees through its ESP program.

Taxes

MARKET VALUE OF BUSINESS X 60% = ASSESSED VALUE
ASSESSED VALUE X LEVY RATE = TAX (FULL YEAR)

The current local sales tax rate in Wood County for Parkersburg, Vienna & Williamstown is 7.0%
All vendors/sellers who are required to collect West Virginia sales tax and are doing business in an area with local sales and use tax must also collect and remit the local sales tax to the State Tax Department.

Those include sellers from outside the locality that:

- Have an office, distribution, sales, sample or warehouse location or other place of business in the local area either directly or by a subsidiary;
- Have a representative, agent, salesperson, canvasser or solicitor in the local area – on either a permanent or temporary basis – who operates under the authority of the retailer or its subsidiary for any purpose, such as repairing, selling or installing orders for the retailer’s goods or services or leasing tangible personal property in the local area;
- Ship or deliver tangible personal property to the local area; or
- Perform taxable services in the local area.
- Local tax applies to sales made or services performed within municipality boundaries only. Zip codes help to determine the taxing area but do not always correspond exactly with town, city, or county limits, so part of a zip code may be outside the municipality’s boundaries.

New Employees: 2.7% (First 36 months)
Experienced Employees: 1.5 - 8.5
Wage Base: first $12,000.00

There are NO B&O taxes for manufacturers.

For more information, please click on Wood County’s Guide for Commercial Business Property here.

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