Local Incentives
Based upon the type and number of new jobs to be created and
the total capital investment for a project and a review of the company's financial statements, the Huntington area can offer
companies that establish new facilities the following type
of incentives.
- Free land to build a new facility.
- Relocation grants based upon the type and number of
new jobs to be created.
- Temporary housing for a key person with the company
during the construction phase of the project.
- Free office space for a key person with the company
during the construction phase of the project.
- Construct a building and lease it back to a company
at cost.
- Free rent during initial phase of lease on building.
- Buy down of lease cost on constructed facility.
- Free office space for initial interviewing of applicants.
- Financing of equipment and building.
- Parts of Huntington are designated by the federal government
as an Empowerment Zone. Companies locating within this
zone are eligible for federal tax credits.
State Incentives
Corporate Headquarters Credit
Companies that relocate their corporate headquarters are eligible
for tax credits. If 15 new jobs are created, the credit is
10% of the adjusted qualified investment. The credit increases
to 50% if 50 or more jobs are created. Economic
Opportunity Credit
Offsets 80% of taxes for up to 13 years. Minimum job requirement
is 20.
"Five-for-Ten"
Program
Provides a tax incentive to businesses that make qualified
capital improvements of at least $50 million to an existing
base of $100 million or more. It assesses the new capital
addition at a salvage value of 5% for the first 10 years.
Manufacturing Investment
Credit
Allows a 50% corporate net income tax and franchise tax
based on investment with no new job creation required.
Manufacturing Sales
Tax Exemption
Materials and equipment purchased for direct use in manufacturing
are exempt from the 6% state sales and use tax.
Strategic R&D
Credit
Allows for up to 100% tax offset for R&D projects. R&D
expenses are exempt from sales tax.
Sunny Day Fund
The Governor's Contingency Fund now contains funds specially
earmarked for economic development projects.
Warehouse "Freeport"
Tax Exemption
Goods in transit to an out-of-state destination are exempt
from ad valorem property taxes when warehoused in West Virginia.
West Virginia Capital
Company Credit
Investors in qualified West Virginia capital companies are
entitled to a state tax credit equal to 50% of their investment.
Capital companies must have a capital base of at least $1
million but not greater than $4 million. The state has authorized
$6 million in credits.
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