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Why incorporate in West Virginia?
Business Information & Rankings
- West Virginia is the largest producer of oil and natural gas east of the Mississippi River. The state ranks 33rd in the nation for oil production and 11th for natural gas production. It also ranks 2nd in coal production.
- West Virginia has the 7th lowest cost of living rate in the U.S. (American Chamber of Commerce Researchers Association)
- West Virginia has the 6th lowest industrial electricity rate in the nation.
Cost of living
| For Charleston, WV (2005) | Index Score |
|---|---|
| Composite: | 90.1 |
| Housing: | 80.6 |
| Utilities: | 103.7 |
| Misc. Goods & Services: | 92.7 |
Crime Rate
West Virginia has the 7th lowest overall crime ranking in the U.S. (FBI, 2004)
Fees & Taxes
Business Inventory Tax
Taxed.
Corporate Income Tax
West Virginia’s corporate tax structure consists of a flat 9% rate on all corporate income. West Virginia also imposes a “Business Franchise Tax” of $0.70 per $100 of taxable capital, or a minimum of $50.
Personal Income Tax
West Virginia’s income tax system is composed of five brackets with a top rate of 6.5% starting at an income level of $60,000.
Personal Property Tax
West Virginia is one of the 38 states that collect property taxes at both the state and local levels. West Virginia does not impose a tax on intangible assets such as bank accounts, stocks or bonds.
State Sales and Use Tax
Base Rate: 6.00%
Machinery Rate: none
West Virginia provides a refund for services, machinery, supplies and materials directly used or consumed in the activities of manufacturing, etc.
Unemployment Insurance
West Virginia’s new employers’ rate is 2.7% for 3 years.