#39 West Virginia
From the Governor
“Our message that West Virginia is a good place to do business is reaching around the world. West Virginia has a prime location close to business hubs in the East, a pro-growth business climate and world-quality workers.” —Gov. Jim Justice
The Mountain State is slowly moving forward in its economic recovery with new initiatives to boost diversification beyond coal. The West Virginia Forward initiative aims to drive economic change in the state through collaborative partnerships between government, academia and private enterprise. Hino Motors, Armacell, Tema and Sparksoft have recently announced expansions in the state.
Corporate Headquarters Credit: Offers a credit of up to 100% of the business and occupation tax, corporate net income tax and personal income tax on certain pass-through income. Credit is good for up to 13 years for companies that relocate headquarters to the state and create 15 new jobs in the first year.
High-Tech Manufacturing Credit: Offers a tax credit of up to 100% on B&O, net income tax and personal income tax for 20 years for high-tech manufacturers that create 20 new jobs in the first year.
Economic Opportunity Credit: Offsets up to 80% of corporate net income tax and personal income tax for businesses that create at least 20 new jobs. Credit is expanded to 100% for jobs that pay a median wage higher that the state non-farm average payroll wage.
Workforce Innovation & Opportunity Act: Offers incumbent worker training and work-based training reimbursement rates of up to 75%.
West Virginia Economic Development Authority: wveda.org
West Virginia Department of Commerce: westvirginia.gov
Charleston Area Alliance: charlestonareaalliance.org
Huntington Area Development Council: hadco.org
Highlighted Program or Initiative
West Virginia Forward, a new collaborative partnership between government, academia and private enterprise, aims to drive economic change through strategic investments, education and human capital. The strategy is to maintain existing industries with growth potential while finding new sectors and long-term growth opportunities.
- West Virginia Great Barrel announced in October 2017 it will construct a manufacturing facility in Charleston and create more than 100 jobs.
- Armacell announced in November 2017 an expansion of its manufacturing facilities in Spencer and the creation of 20 jobs.
- Italian company TeMa broke ground in April 2018 on a $10 million manufacturing plant in Charleston.
- Software company Sparksoft announced in May 2018 it will locate an office in Fairmont and create 30 jobs.
Hino Motors Manufacturing USA
Proctor & Gamble
Murray American Energy
“Expanding into West Virginia has been a goal of Sparksoft’s for some time…. This expansion provides us with unique resources to strengthen our teams, services and solutions. We are excited to be a part of the community and look forward to growing together.” —Mike Finkel, CEO, Sparksoft