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West Virginia Governor Signs Income Tax Law Providing Intensive Heavy Industrial Manufacturing Project Tax Incentives

Jan. 14, 2022, 5:00 AM

The West Virginia Governor Jan. 12 signed a law establishing incentives under the West Virginia Industrial Advancement Act, for corporate income and individual income tax purposes. The law includes measures: 1) authorizing a qualified labor intensive heavy industrial manufacturing project tax credit against personal income tax and corporation net income tax equal to 50 percent of qualified manufacturing investments; 2) defining “qualified labor intensive heavy industrial manufacturing project” and specifying the calculation and application of the credit; 3) authorizing a consumers sales and service tax and use tax exemption for qualified labor intensive heavy industrial manufacturing project certificate holders and ...

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