Incentives reduce the cost of business in West Virginia!
PCEDA can help existing and relocating businesses to understand and access the financial assistance that is available to them from the State of West Virginia. The Department of Economic Development has a complete list of business incentives from the state level. Some of these excellent incentives include:
Direct Loan Programs
The West Virginia Economic Development Authority provides low-interest, direct loans to expanding state businesses and firms locating in West Virginia. Loan proceeds may be used for the acquisition of land, buildings and equipment for both real estate intensive and equipment projects.
West Virginia offers expedited permitting via certificates of critical economic concern for high priority economic development projects, based on projected economic impact.
Industrial Access Road (IAR) Program
West Virginia's State Road Fund receives approximately $3 million from state tax collections each year for the purpose of constructing/maintaining roads to sites on which manufacturing, distribution, processing or other economic development activities will occur. Individual counties may receive up to $400,000 per year. IAR funds are approved based on the level of qualified industrial development, with the requirement of each dollar of unmatched funds matched by $10 of qualified investment and each dollar of matched funds requiring $5 dollars of investment.
Industrial Revenue Bonds (IRB)
The IRB program provides for customized financing through federal tax-exempt industrial revenue bonds. Tax Increment Financing provides property tax assistance on long-term financing for qualified economic development and public improvement projects.
West Virginia Economic Opportunity Credit
Incentives are available for qualified companies based on various levels of new jobs created in a specified period. The State’s Economic Opportunity Tax Credit can offset up to 80% of the corporate net income tax and personal income tax attributable to qualified investment by a company that creates at least 20 jobs. For those creating less than 20 jobs, a $3,000 credit is allowed per new full-time job for five years.
West Virginia Jobs Investment Trust (JIT)
The West Virginia Jobs Investment Trust is intended to develop, promote and expand West Virginia’s economy through funding opportunities to businesses to provide for or retain jobs within the state.