Business Info

Considering moving your business to Fayette County or are you a budding entrepreneur who’s ready to open a new business? The Fayette County Chamber of Commerce can help you navigate the ins and outs and put you on the right path for your business.

  • Fayette County Chamber of Commerce

    West Virginia Small Business Resource Guides, for starting and expanding businesses are available at the Fayette County Chamber of Commerce. The Chamber also provides specialized training for Business Members periodically throughout the year and sponsors quarterly Economic Development Forums. The Fayette County Chamber of Commerce is your first stop with business assistance in Fayette County.

    Training Programs
    Work Force Training Programs are available through the Governor’s Guaranteed Work Force Program. Training Needs are coordinated through various state agencies, colleges, universities, vocational-technical centers and /or Private Industry Councils. For more information please contact the Fayette County Chamber of Commerce.

  • Fayette County Lending Institutions

    Chase – Oak Hill, WV
    Bank of Mount Hope – Mt Hope, Oak Hill & Beckley
    BB&T Corporation – Oak Hill, WV
    Fayette County National Bank – Ansted, Fayetteville and Oak Hill WV
    United National Bank – Ansted and Fayetteville, WV

    The New River Gorge Regional Development Authority also has a revolving loan program available to qualified businesses.
    Call or write for details.

    West Virginia Development Office
    The West Virginia Development Office offers a variety of financial incentive programs to promote our state and attract business and industry. The following programs are available for new and expanding businesses.

    Direct Loan Programs
    Low interest, direct loans to expanding state businesses and to firms locating in West Virginia

    Indirect Loan Programs
    Designed to assist businesses that cannot obtain conventional bank financing. Provides a loan insurance program and a capital access program through participating commercial banks.

    West Virginia Capital Company Act
    Provides for debt and equality venture capital investment to small businesses. A complete listing of qualified venture capital companies may be obtained through the WVEDA office.

    Industrial Revenue Bonds
    Provides for customized financing through federal tax-exempt industrial revenue bonds. Available January through November 15 of each year.

    Leveraged Technology Loan Insurance Program
    This program makes capital available to both new and expanding qualified companies to assist in the development and commercialization of technology based products and processes. Excluding refinancing, funding may be used for a variety of purposes, including acquisition of fixed assets and working capital.

    Small Business Development Loans
    This program provides capital for new or expanding small businesses with loans from $500 to $10,000. The program will seed pilot revolving loan funds that are leveraged with local dollars.

    Tax Increment Financing
    Projects are financed with debt repayment from incremental property tax associated with increases in the value of the project property. Property taxes payable on the increased value of the property is designated for repayment of the bonds.

    West Virginia Jobs Investment Trust
    A $10 million public venture capital fund, JIT investment generally will be structured as subordinated loans with warrants or options to buy stocks. Sometimes, the trust will seek an equity position in the form of preferred stock with options to convert to common stock.

    Outline your requirements using a pro forma business presentation similar to the proposal that would be made to other financial institutions. The WVDEA will then initiate a review of each business plan and pro forma projections to help structure a financial program to assist with your project.

  • The information that follows highlights the major tax incentives and the principal tax structure of West Virginia.

    Business Investment And Jobs Expansion Tax Credit 
    (Super Tax Credit)

    This program is based upon a formula, which is calculated using a qualified investment factor and a job creation factor. The amount of qualified investment is based on the useful life and cost of real and personal property. This credit may be applied against up to 80 percent of Business and Occupation Taxes, Corporation Net Income Taxes, Business Franchise Taxes and Telecommunication Taxes apportioned to the new investment.

    Corporate Headquarters Credit
    Additional credit is available to company that relocated its corporate headquarters to West Virginia. If at least 15 new jobs are created, the allowable credit is 10 percent of adjusted qualified investment. If 50 or more new jobs are created, the allowable credit is 50 percent. 

    Small Business Credit
    This is the “Small Business” version of the Super Tax Credit. To qualify, a “small business” must have an annual payroll not exceeding $1,969,150 and the median salary of the company’s employees must be at least $14,400 per year. The small business must create at least 10 new jobs to qualify for this tax credit. Graduated credits for number of jobs created above 10.

    West Virginia Capital Company Credit
    This was established to encourage the formation of venture capital in West Virginia. Investors are entitled to a state tax credit equal to 50 percent of their investment. Capital companies must have a capital base of a least $1 million but not greater than $4 million. Unused credit may be carried forward 15 years.

    Warehouse “Freeport” Tax Exemption
    This exemption allows goods in transit to an out-of-state destination to be exempt from local ad valorem property tax when “warehoused” in West Virginia.

    Business Taxes
    West Virginia presently imposes two primary business taxes: the Corporation Net Income Tax and the Business Franchise Tax.

    Corporation Net Income Tax (CNIT)
    The CNIT is imposed annually at a rate of 9 percent. The starting point for determining this tax is the federal taxable income of the corporation for the year. Net operating loss may be carried back up to three prior years with a limitation of $300,000. Net loss may be carried forward up to 15 subsequent tax years with no limitation.

    Business Franchise Tax (BFT)
    The measure of the BFT is the net worth of the corporation or partnership as determined for federal income tax purposes. The rate of tax is 0.75 percent or $50, whichever is greater.

    Business and Occupation Tax (B&O)
    The B&O Tax is an annual privilege tax levied on public utilities and electric generators doing business in West Virginia.

    Severance Taxes
    Severance Taxes are levied on the production of natural resources, including ordinary processing commonly employed by the industry to obtain a salable natural resource product. The tax rates on most natural resources are set at 5 percent. The rate of tax on timber production is 3.22 percent.

    Telecommunications Tax
    This tax is levied at a rate of 4 percent. The measure of tax is gross income from the provision of telecommunication services.

    Other Taxes
    Consumer Sales and Service Tax (CSST) and Use Tax
    The rate for the CSST in West Virginia is 6 percent. Sales of goods and services to an industrial businesses which are directly used in the manufacturing process are exempt from the CSST for instate purchases and from the Use Tax for out of state purchases.

    Business Registration Tax
    The rate of this tax is $15 annually for each location in which business activity is conducted. Businesses generating income of less than $4,000 are exempt.

    Personal Income Tax
    The tax begins with federal adjusted gross income. Individuals are allowed a $2,000 deduction for each exemption claimed on their federal return. Rates range from 3 percent on the first $10,000 of taxable income to 6.5 percent of income exceeding $ 60,000.

    Corporation Charter Tax
    West Virginia Chartered, The rates of this tax range from $20 annually on authorized capital stock $5,000 or less to $2,500 annually on values in excess of $15 million.

    Not West Virginia Chartered, The rates of this tax are 1.75 times the annual rate of West Virginia chartered firms. The rates are based on a proportion of the value of shares of issued and outstanding capital stock, which is adjusted to reflect the proportion of a company’s property owned and used in West Virginia. Annual liability in this case cannot be less than $250.

    Property Tax
    In West Virginia, ad valorem property taxes are local taxes. Property is generally taxed on 60 percent of its appraised value.

  • For assistance with:
    West Virginia Secretary of State’s Office
    West Virginia Bureau of Employment Programs
    West Virginia Tax Department
    West Virginia Workers Compensation
    Click here

    For Additional Information Contact:
    Sharon Cruikshank, Director
    Fayette County Chamber Of Commerce
    310 Oyler Avenue
    Oak Hill, WV 25901
    Phone 304-465-5617
    Fax 304-465-5618
    Email sharon@fayettecounty.com

    West Virginia Economic Development Authority
    1018 Kanawha Blvd. Suite 501
    Charleston, WV 25301
    Phone 304 558-3850 or 558-2234
    www.wvdo.org

    West Virginia Department of Tax Revenue
    Capitol Complex
    Building 1, Room W300
    Charleston WV 25305-0840
    Phone 304-558-8500
    Judy Radford, Executive Director

    New River Gorge Regional Development Authority
    116 North Heber Street, Suite B
    Beckley, WV 25801
    Phone (304) 254 8115 
    Email nrgrda@nrgrda.org
    www.nrgrda.org