Economic Opportunity Tax Credit
Provides West Virginia tax credits to qualified businesses creating jobs through expansion projects.
About this program
West Virginia's Economic Opportunity Tax Credit supports qualified business expansion projects that create new jobs in eligible industries. Larger job-creating projects may offset up to 80% of corporate net income tax and personal income tax on flow-through income attributable to qualified investment, and up to 100% if median compensation exceeds the statewide average nonfarm payroll wage; smaller qualifying businesses may receive a per-job credit for new full-time jobs.
Eligibility
Eligible applicants are qualified businesses in eligible sectors such as manufacturing, information processing, warehousing, nonretail goods distribution, qualified R&D, corporate headquarters relocation, or destination-oriented recreation and tourism.
Requirements
- Business must be engaged in an eligible qualified activity.
- Business must create required new jobs within specified time limits as a result of a business expansion project.
- Qualified small businesses creating fewer than 10 jobs may qualify for a per-job credit if wage and benefit requirements are met.