DOING BUSINESS IN THE NRGThe New River Gorge is an incredible place to live, work, and play. Find all the details you need to choose the NRG.
West Virginia’s financial position, and AA+ credit rating, can offer predictability that doesn’t exist in most of the country. Current and past income tax rates along with historic rates are below.
Corporate Income Tax Rates
|% of Federal Taxable Income (with modifications)||8.75%||8.5%||8.5%||8.5%||7.75%||7%||6.5%|
Unemployment compensation tax rate is 2.7% on the first $12,000 of annual wage per employee for the contribution. After the first 36 months, an employer is granted an individual experience rate, which can range from 1.5% to 5% or higher.
The tax must be collected on sale, lease, or rental of tangible personal property and certain services. The sales tax is 6%.
In West Virginia, ad valorem property taxes are local taxes. Property is generally taxed on 60% of its appraised value with reduced valuation for qualified capital additions. Savings may be obtained on property taxes from county jurisdiction. High-technology business property valuation act reduces property tax and eliminates sales tax on qualified equipment and property.
The business franchise tax was eliminated completely in 2015, estimated to save businesses in West Virginia more than $50 million each year.
The region’s transportation and logistics industry is enabled by multimodal transportation infrastructure elements that are privately and publicly owned and operated. The transportation system consists of major state and federal highways, local roads, freight and passenger railroads, private and public transit systems, in addition to local and national airports.
Would you like a little help with the details of your business plan, getting ready to apply for a loan, or just want to talk through an issue you’re experiencing with your business? Our regional business coach is here to provide the technical assistance you need to make sure your business is thriving.
Interested in knowing the specifics? We can help you gain a better understanding of what assistance programs might benefit your company in just a few questions. This easy-to-use tool will analyze what programs might be specifically made to help your business locate in the New River Gorge region. Try out our incentive calculator!
Let us help you gain access to capital in the New River Gorge region. Not only do we manage our own revolving and micro-loan programs, but we can help you leverage your investments to make sure you have all the resources you need to grow.
The New River Gorge region of West Virginia is home to the most available workforce in the nation. Our dedicated residents average almost 30 minute commutes, and one of the lowest turnover rates in the nation. Regional educators are also a strong partner in workforce development and economic development. Find out how you can put these institutions to work for your business.