Local businesses know West Virginia provides a positive tax environment!
Businesses operating in Preston County benefit from a favorable tax environment. In 2023, The Tax Foundation ranked West Virginia as the 20th best state business climate and 16th best Corporate Tax Rate. 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.