Positive Business Climate in West Virginia
West Virginia has made it a top priority to address and respond to the needs of today’s companies by ensuring we offer a stable and predictable business climate.
Our state has not added any new business taxes in the last 20 years. According to the Tax Foundation’s 2019 State Business Tax Climate Index, West Virginia is rated 19th nationally – better than any neighboring state. We also have the third best cash surplus in the U.S.
Aggressive pro-business legislation makes opening and operating a business within the state’s borders a solid investment for companies large and small.
Important Facts about West Virginia’s Business Climate
- West Virginia has some of the lowest workers’ compensation rates in the country. In fact, the state just announced its 14th reduction in workers’ compensation rates, which collectively, has saved employers more than $398 million since the fund was privatized in 2006.
- West Virginia eliminated its Business Franchise Tax in 2015, saving taxpayers more than $500 million from the first reduction to the final elimination.
- The state’s Corporate Net Income Tax rate was reduced to 6.5 percent in 2014, helping corporations to realize more than $53 million per year in net annual tax savings.
- West Virginia removed approximately $180 million of business tax burden in FY 2014 and roughly $800 million over the past eight years.