Want to know what top U.S. and International companies already know about doing business in West Virginia? Here are six fast facts.
1. West Virginia has not had a general tax increase in more than two decades.
While other states hiked taxes, we cut ours. During the past eight years, West Virginia has lightened the business tax burden by more than $850 million.
2. West Virginia's cost of doing business is one of the lowest in the country.
We scored an enviable seventh place ranking in CNBC’s America’s Top States for Business 2015 “cost of doing business” category. CNBC judges each state’s cost of doing business based on factors such as tax climate, incentives, utilities, wages, and rental costs for office and industrial space.
3. West Virginia's business climate is well regarded by the Tax Foundation.
According to the Tax Foundation’s 2017 State Business Tax Climate Index, West Virginia is rated 18th nationally – better than any neighboring state.
4. West Virginia's workers compensation rates continue to fall.
The state’s 12th consecutive premium reduction took effect Nov. 1, 2016. West Virginia employers have seen savings of more than $352 million since the program was privatized in 2006.
5. The Business Franchise Tax was eliminated January 1, 2015.
Going, going, gone! From the time the first reduction was made, taxpayers have saved more than $575 million.
6. Since, 2005, West Virginia has seen over $13 billion in new business investments.
Companies such as Amazon, Procter & Gamble, Toyota, Pratt & Whitney, Lockheed Martin and Macy’s are opening or expanding operations in West Virginia.