TAX CREDITS

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TAX CREDITS

Below are the various tax credits. Please click on each tab to open the details.

The Historic Tax Credit (HTC) program encourages private-sector investment in the rehabilitation and re-use of historic buildings. The federal tax credit allows program participants to claim 20% of eligible improvement expenses against their federal tax liability.

The State of West Virginia offers a comparable historic tax credit of 25% that is able to be paired with the federal tax credit; therefore, an eligible project could qualify for up to 45% of tax credits for the renovation of a histrionic building.

The property MUST be a certified historic building and listed on the National Register of Historic Places

Click below for These Helpful Resources:

Historic Tax Credit Tool Kit

Historic Tax Credit Interactive Road Map

The New Market Tax Credits (NMTC) Program attracts private capital into low-income and/or distressed communities by permitting individual and corporate investors to receive a tax credit against their federal income tax in exchange for making equity investments in specialized financial intermediaries called Community Development Entities (CDEs)

When utilized, NMTC can account for a 20-30% reduction in the overall cost of a project.

According to the Economic Innovation Group, Opportunity Zones are a new community development program established by Congress in the Tax Cuts and Jobs Act of 2017 to encourage long-term investments in low-income urban and rural communities nationwide. The Opportunity Zones program provides a tax incentive for investors to re-invest their unrealized capital gains into Opportunity Funds that are dedicated to investing in Opportunity Zones designated by the chief executives of every U.S. state and territory.

In Wood County, West Virginia, we have two designated Opportunity Zones including:

1. The Downtown Central Business District
2. Mixed manufacturing, commercial and residential areas near U.S. 50 and the Little Kanawha River.

Prefer a phone call or to schedule a face-to-face? We'd love to connect.

OUR MEMBERS ARE TALKING

We are honored to be hearing some of the great feedback from our business partners. They are the fuel to our economic fire.

Wincore greatly appreciates the help that Lindsey Piersol and the Wood County Development Authority, through its PILOT program, provided in financing a new production line, allowing us to add additional capacity while boosting local employment.”

Brian Standley(COO, Wincore Windows and Doors)

The Wood County Economic Development office is a great collaborative partner, assisting Downtown PKB by providing resources to potential small business startups and promoting vacant properties on their database for redevelopment opportunities for potential investors and developers in our downtown. Working together with their office has been a tremendous help to our revitalization efforts of downtown Parkersburg.

Wendy Shriver(Executive Director, Downtown PKB)

  • Wincore greatly appreciates the help that Lindsey Piersol and the Wood County Development Authority, through its PILOT program, provided in financing a new production line, allowing us to add additional capacity while boosting local employment.”

    Brian Standley(COO, Wincore Windows and Doors)

  • The Wood County Economic Development office is a great collaborative partner, assisting Downtown PKB by providing resources to potential small business startups and promoting vacant properties on their database for redevelopment opportunities for potential investors and developers in our downtown. Working together with their office has been a tremendous help to our revitalization efforts of downtown Parkersburg.

    Wendy Shriver(Executive Director, Downtown PKB)

  • I love the new direction the Area Roundtable is taking. New leadership, fresh vision and ideas. It's nice to have people looking out for the MOV and able to put the bad press of the past behind us! We have so much to offer! Thank you! And Congratulations to the new team!

    Kelita Deems(Receptionist, Bowles Rice LLP)

  • The Wood County Economic Development has been an invaluable resource for growing my business. As a small business owner focused on growth, I was a little apprehensive to invest. But I knew there was value in joining and I knew that just one business opportunity could open up bigger doors. I ended up getting a 32x return on my investment with my first connection alone. The WCED community has amazing people to work with who GENUINELY care about the economic landscape here. They are capable of doing so much to help businesses grow and are a phenomenal resource for any business - any industry.

    Daniel Busch(Designer & Owner, EpicEar Productions)

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