Taxes and Incentives
How we create a welcome environment for business.
Healthy profitability helps make businesses feel at home in Jefferson County, and that begins with:
- Lower operating costs thanks to lower costs in utilities and labor.
- Lower property costs that speed ROI.
- Lower costs of living that aid robust recruitment.
And Jefferson County’s support for business success goes well beyond costs, to include:
Tax advantages
Jefferson County welcomes business with:
- A competitively structured business property tax rate, with assessed value of property 60% of the appraised value.
- No County collection of gross receipts tax
Business is also warmly welcomed by West Virginia, a state actively cutting taxes and costs including:
- Reduction to 6.5% (.065) net corporate income tax
- Zero business franchise tax
- Critical manufacturing exemptions to Consumer Sales Tax and Use Tax (see incentives below).
Strategic lending programs
The West Virginia Economic Development Authority supports vital economic growth through direct loans and assistance, including:
- Direct Lending: Direct lending is available to qualified manufacturing, distribution and destination tourism entities.
- Loan Guarantees: Secured bank loans for qualified projects may be insured up to 80% with loan proceeds to be used for fixed assets, working capital and inventory. (Construction loans and lines of credit do not qualify.)
Other relevant Economic Development Incentives
Provides exemption from ad valorem property tax on 1) Manufactured goods made in the state and stored for a limited time before shipment out of state; and 2) Goods transported into the state for a limited time before shipment out of state.
Allows property tax on raw materials, goods in process and finished goods in the manufacturing inventory to offset a company’s corporate net income tax.
For qualified companies, a credit of up to 60% of corporate net income tax based on investment in eligible manufacturing property. No new job creation required for eligibility.
Allows exemption in consumer sales and service tax on the purchase of eligible and tangible personal property.
Exemption from the 6% WV sales and use tax and 1% municipal sales tax on the purchase of materials and equipment for direct use in the manufacturing process and in the construction of a manufacturing facility.
Freeport Exemption
Provides exemption from ad valorem property tax on 1) Manufactured goods made in the state and stored for a limited time before shipment out of state; and 2) Goods transported into the state for a limited time before shipment out of state.
Manufacturing Inventory Credit
Allows property tax on raw materials, goods in process and finished goods in the manufacturing inventory to offset a company’s corporate net income tax.
Manufacturing Investment Credit
For qualified companies, a credit of up to 60% of corporate net income tax based on investment in eligible manufacturing property. No new job creation required for eligibility.
Sales Tax Exemption for Qualified Warehouse and Distribution Center
Allows exemption in consumer sales and service tax on the purchase of eligible and tangible personal property.
Manufacturing Sales Tax Exemption
Exemption from the 6% WV sales and use tax and 1% municipal sales tax on the purchase of materials and equipment for direct use in the manufacturing process and in the construction of a manufacturing facility.
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