Local businesses know West Virginia provides a positive tax environment!
Businesses operating in Preston County benefit from a favorable tax environment. In 2021, The Tax Foundation ranked West Virginia as the 22nd best state business climate. Contributing factors include the tenth best property tax level, a 6.5% corporate income tax rate and a 6.0% sales tax.
PCEDA can help existing and relocating businesses access the range of tax credits available to them and their operations. The Department of Economic Development has a complete list of tax credits present in West Virginia. Some of these tax credits include:
Corporate Headquarters Credit
Companies that relocate their corporate headquarters to West Virginia can receive tax credits offsetting several tax liabilities for up to 13 years.
High-Tech Manufacturing Credit
Businesses that manufacture various high technology equipment can receive a credit to offset 100% of corporate net income tax and personal income tax for 20 years.
High Technology Valuation Act
In West Virginia, certain personal property used in a high technology business is only valued at 5% of its original cost for property tax purposes and sales tax is eliminated on purchases of that property.