Incentive Programs
The purpose of this program is to encourage the new construction and rehabilitation or revitalization of existing multi-family dwellings in the City of Parkersburg. The tax credit may only be taken when an otherwise qualifying business files the required business and occupation tax return on or before the required due date. If said return is not filed timely then the credit will be disallowed for the time period in which the return is delinquent. The maximum credit allowed shall not exceed the total cost of the capital investment made in the construction, rehabilitation, revitalization or modernization of the multi-family dwelling. Click here for more information.
Vacant Building Revitalization Tax Credit Program
The purpose of this program is to encourage the rehabilitation, revitalization, re-occupancy and use of vacant residential, commercial, and industrial buildings in the City of Parkersburg. A qualifying business will be permitted a tax credit up to one hundred percent (100%) of its business and occupation tax liability annually for a period of five (5) consecutive years from and after such capital improvement is placed into service or the building is occupied, whichever first occurs. The tax credit shall not exceed the total cost of its actual expended capital investment on the building renovation. Click here for more information.
New Business Tax Credit Program
The first few years of operation are critical to a new business’s long-term success. This program was created to assist new business development, by reducing Business & Occupations Taxes paid to the City during this time. To be eligible, a new business must be located in the City of Parkersburg, create at least five (5) full-time jobs (or equivalent) and maintain those jobs for at least four (4) years. For more information on how the tax credit program works, please click here.
New Development Annexation Tax Rebate Program
The City of Parkersburg recognizes that businesses and developers have a choice in terms of where they locate. To encourage more investors to locate their project and/or business in the community, the City makes available a tax rebate application to newly annexed developments. Upon certification from the City Engineer that all work to be performed has been completed to City specifications, 100 percent of the taxes collected on construction activity within the newly annexed development, including taxes paid by prime and subcontractors, shall be rebated to the developer. Click here for more information.
Real Property Improvement Tax Rebate Program
The property tax rebate program is designed to incentivize private investment and redevelopment in residential neighborhoods, industrial areas and commercial districts in the City of Parkersburg through new construction and/or rehabilitation projects. The term for the rebate is one hundred (100) percent of the increased property tax payable to the City for a period of fifteen (15) years upon project completion. The value of any rebate is a function of two assessed values; pre-improvement and post-improvement. While the City of Parkersburg would continue to utilize real property taxes based on their ‘pre-improvement’ assessed value, the City would forego (rebate) the difference between the pre and post improvement assessed values to an eligible project and qualified property owner. Both values are determined by the Wood County Assessor’s Office.
For more information about this incentive program, please click here. To download an application, please click here.
For more information regarding the the City’s Economic Development Incentive Programs, please call 304.424.8415 or email ryan.barber@parkersburgwv.gov.