Business Incentives

Helping Your Business Grow

No Cages Garage

In an effort to entice Businesses to locate in the City and help them grow, the Board of Directors has adopted an incentive program. The program is as follows:

Downtown Historic District 

The Downtown Historic District covers the area within the City bounded on the north with Princeton Avenue, on the east by Scott Street and Edward Terrace, on the south by Clifford and Jones Streets, and on the west by Russell Street, which runs into Princeton Avenue.

Any new business that physically locates its principal place of business within the Historic District either through purchasing real property or by virtue of a two-year lease may be eligible for a B&O Tax reduction for a period of four years. Even if a new business is receiving the B&O Incentive they must report the information to the City on a quarterly basis. For more detailed information about the B&O Tax Incentive please contact the BEDA.

Historic District B&O Tax Reduction

The B&O Tax reduction is as follows for qualifying businesses:

1st Year

New business pay no B&O Tax to the City 

2nd Year

New business pays only 25% of the calculated B&O Tax

3rd Year

New business pays only 50% of the calculated B&O Tax

4th Year

New business pays 75% of the calculated B&O Tax

5th Year

New business begins paying full amount of B&O Tax 

Businesses in the City

Outside the Historic District 

Any new business that physically locates its principal place of business within the City but outside the Downtown Historic District either through purchasing real property or by virtue of a two-year lease may be eligible for a B&O Tax reduction for a period of three years. 

Even if a new business is receiving the B&O Incentive they must report the information to the City on a quarterly basis. For more detailed information about the B&O Tax Incentive please contact us.

Outside Historic District B&O Tax Reduction

The B&O Tax reduction is as follows for qualifying businesses:

1st Year

New business pay no B&O Tax to the City 

2nd Year

New business pays only 33% of the calculated B&O Tax

3rd Year

New business pays only 67% of the calculated B&O Tax

4th Year

New business begins paying the full amount of the B&O Tax. 

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Boots-to-Business Program

The new law will waive the registration fee for a new business started by a veteran and the annual report filing fee for the first four years – a potential savings of up to $200.

The Secretary of State’s Office is absorbing the cost of waiving the fees and the law will not cost taxpayers any additional money.

Other Business Incentives

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Employer Incentives 

WV Tax Credit program provides private employers who hire unemployed members of the National Guard, Reserves, and Disabled Veterans with a credit against their WV Corporate Income Taxes. To obtain a certificate of eligibility, contact the local WorkForce WV office.

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Energy Incentives 

West Virginia has several energy incentives and policies, including:

An alternative and renewable energy portfolio standard requiring state electric generating utilities to supply 25 percent of retail electric sales from eligible alternative and renewable energy resources by 2025. Residential solar energy tax credit and a sales tax exemption for ENERGY STAR products.  

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Solar Energy

The state of West Virginia enacted a $2,000 tax credit for residential solar water heating, solar space heating, and photovoltaics. For more information visit the Database of State Incentives for Renewables and Efficiency.

We can answer your questions!

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Bluefield WV

Economic Development Authority

Jim Spencer

BEDA Executive Director

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West Virginia Business
Resource Link

West Virginia Small Business Development Center maintains a staff of business assistance professionals to offer a number of development incentives that create a climate favorable to attracting new business into the state. 

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