Business Incentives
Helping Your Business Grow
No Cages Garage
In an effort to entice Businesses to start and expand 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 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.
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
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.
We can answer your questions!
Bluefield WV
Economic Development Authority
