West Virginia SB508 allows businesses to receive a tax credit for purchasing products manufactured in the state.
West Virginia SB508 introduces a tax credit for businesses that purchase products manufactured in West Virginia. Eligible businesses can receive up to 50 percent of the purchase costs as a tax credit. The credit can be applied to various taxes, including business franchise tax and corporation net income taxes. The maximum credit allowed is $10,000 per taxable year, with unused credits able to be carried forward for up to four years. Businesses must maintain their headquarters in West Virginia to qualify.
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