West Virginia Tax Incentives
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West Virginia Tax Incentives
- Business Assistance
- Competitive Improvement Program
- Construction Trades Apprenticeship Training Tax Credit
- Corporate Headquarters Relocation Credit
- Direct Loan Program
- Division of Rehabilitation Services
- Division of Rehabilitation Services Offices
- Employer Services
- Economic Opportunity Tax Credit
- Everyone Can Work
- Governor's Guaranteed Work Force
- Microsoft Accessibility Resource Center
- Military Incentive Program
- On-The-Job Training
- Small Business Tax Credit
- State Microloan Program
- Virtual Loan Library
- West Virginia Assistive Technology System
- West Virginia Certified Development Corporation
- West Virginia Development Office
- West Virginia Economic Development Authority
- West Virginia Venture Capital - West Virginia Capital
The business assistance website discusses the advantages of expanding or locating a business in West Virginia. It also lists various loan programs and other financial assistance available to West Virginia businesses.
Under this program, the West Virginia Development Office can reimburse up to fifty percent, not to exceed two thousand dollars per trainee, of training cost of existing employers in West Virginia businesses that are not in an expansion mode, but have a need for workforce training for existing employees.
This program can help workers with disabilities receive needed training so they can remain a vital part of West Virginia’s workforce.
Tax credit of $2.00 per hour x total number of hours worked by an apprentice during the tax year, not to exceed the lesser of $2,000 or 50% of the actual wages paid for the apprenticeship. The training program is to consist of at least 2,000 hours, but not more than 10,000 hours of on-the-job training. The tax credit offsets the business franchise tax, corporate net income tax and personal income tax.
The apprentice who benefits from this tax credit could be a person with a disability who is able to do construction work.
A Taxpayer that moves its corporate headquarters to WV from a location outside of WV may be entitled to an Economic Opportunity Tax Credit, if the relocation creates at least 15 new WV jobs. If the relocation creates at least 15, but less than 20 new jobs, then the amount of credit is equal to 10% of the Taxpayer’s adjusted qualified investment. The Taxpayer could offset up to 100% of corporate net income tax “attributable to qualified investment” and up to 100% of business franchise tax “attributable to qualified investment” for a period of up to 13 years.
Some of the jobs create as a result of a corporation relocating to West Virginia could be filled by employees with disabilities.
The West Virginia Economic Development Authority can provide up to 45 percent in financing fixed assets by providing low-interest, direct loans to expanding state businesses and firms locating in West Virginia. Loan term is generally 15 years for real estate intensive projects and five to 10 years for equipment projects. Loan proceeds may be used for the acquisition of land, buildings and equipment. Working capital loans and the refinancing of existing debt are not eligible.
Purchasing a workspace that is ADA compliant is an appropriate use of this loan.
The West Virginia Division of Rehabilitation Services (DRS) helps people with disabilities determine and reach their vocational goals. The primary goal for all DRS clients is to become productive working citizens.
This website has a map of West Virginia divided into 6 districts. Click on a district to get the locations and contact information DRS offices in that district.
The potentially eligible applicants for the Economic Opportunity Tax Credit are businesses engaged in the activities of manufacturing, information processing, warehousing, non-retail goods distribution, qualified research and development, the relocation of a corporate headquarters, or destination-oriented recreation and tourism; which make qualified investment and create qualified new jobs in the required numbers. No maximum or minimum investment. The Jobs creation threshold is 20 new jobs held by WV domiciled WV residents.
The goal of this tax credit is to establish employment opportunities in West Virginia. Some of these opportunities could be for workers with disabilities.
DRS employment specialists help employers find qualified job candidates who will meet their workforce needs. Providing a comprehensive and coordinated employment agenda is one goal of DRS. These services benefit employers and job seekers alike.
This website lists and describes the services DRS offers West Virginia businesses who wish to employ workers with disabilities.
This is a booklet that discusses many subjects pertaining to employment and people with disabilities in West Virginia. Topics include federal and state programs, online resources, self-employment and starting a business.
The Governor's Guaranteed Work Force (GGWF) training award program gives small businesses a competitive edge by providing access to quality workforce training and raises the skill level of West Virginia's small business workforce.
GGWF reimburses pre-approved technology, technical, and regulatory compliance training for small businesses. Most small businesses are eligible for up to $5,000.
With the help of this program, workers with disabilities can upgrade their vocational skills for career advancement.
Microsoft Accessibility Resource Centers show what is possible with accessible technology solutions available on computers running Windows operating systems. These centers are designed to meet a variety of needs including reduced eyesight, wrist/arm discomfort, hearing loss and other disabilities. These centers demonstrate accessibility options and assistive technology products that can add to an individual's computer skills and proficiency.
Military Incentive Program (MIP) is an employer tax incentive program designed to promote the employment of Korean, Vietnam-era, and disabled veterans, as well as unemployed National Guard members and Reservists. Tax credits are based on a percentage of the first $5,000 in wages paid to the individual after one continuous year of employment.
On-the-Job Training (OJT) provides unique opportunities for participants to "learn" as they earn." By participating in training as an employee, the participant not only acquires new skills and knowledge, but also receives the same wages and benefits as current employees in same or similar positions. The employer benefits by being reimbursed for part of the participant’s wages during the training period, while having the services of a full-time employee.
The employees who receive training from this program can be people with disabilities who may need a skills upgrade to succeed in West Virginia’s workforce.
An eligible small business Taxpayer is allowed a credit in the manner described above for the general Economic Opportunity Tax Credit, except that the small business must create at least 10 new WV jobs within 12 months, rather than 20 new jobs within 3 years. If the qualified small business creates at least 10 qualified new jobs, the small business may receive a credit equal to 10% of its qualified investment. Small business is defined as one having gross receipts of $8,507,850 (for 2011). This number is adjusted for inflation each year.
Small businesses can use this tax credit as an incentive to set up new jobs, especially for people with disabilities.
The intent of State Microloan Program is to provide access to capital in loan amounts of $15,000 or less for qualifying prospective and existing small business owners (loan recipients). Loans under this program serve as an alternative source of financing to those who do not have access to capital through traditional sources. It is anticipated that micro loan funds under this program may be combined with other loan funds resulting in total loans to one loan recipient in an amount not to exceed $50,000.
Using the funding from a Microloan, a business can purchase assistive technology for an employee who is disabled, enabling that worker to be more productive and industrious.
The WVATS AT4ALL system is a free online service to list and find assistive technology devices and durable medical equipment in West Virginia.
The West Virginia Assistive Technology System (WVATS) is the designated lead agency that works to enhance the lives of all West Virginia residents with disabilities. By providing access to and help with the acquisition of assistive technology devices and services, WVATS can offer West Virginians with disabilities an opportunity for choice, control and independence at work and school.
Assistive technology (AT) can enable people who have disabilities or have difficulty using standard equipment, obtain employment or keep working. AT used for employment can range from alternative keyboards to height adjustable workstations and communication devices.
The purpose of this loan is to create or retain jobs by providing fixed asset financing to help small businesses purchase, construct or expand their facilities. This includes the purchase of fixed equipment. The SBA will participate up to 40% of the eligible project costs on a subordinated basis.
Businesses can use this loan to purchase or make their workspace ADA compliant, thus allowing for more employment opportunities for people with disabilities.
This website has useful information for West Virginia businesses. The mission of the West Virginia Development Office is to improve the quality of life for all West Virginians by strengthening its communities and expanding the state’s economy to create more and better jobs.
West Virginia Economic Development Authority (WVEDA) is charged with the responsibility to develop and advance the business prosperity and economic welfare of the State of West Virginia, by providing and operating leases to industrial development agencies and enterprises for the promotion and retention of new and existing commercial and industrial development.
The West Virginia Economic Development Authority administers a program that provides for debt and equity venture capital investment to small business. A number of firms are qualified in West Virginia to make venture capital investments. Their contact information may be found on this website.
Proceeds from this type of financial assistance can be used to create jobs for workers with disabilities.