Permitting businesses to receive tax credit for using WV manufactured products

SB 508 creates a tax credit allowing West Virginia businesses to deduct up to 50% of the cost of purchasing products manufactured in the state, directly benefiting companies with headquarters in West Virginia that buy locally made goods. The credit is capped at $100,000 per business annually, with unused credits carrying forward for up to four years. Businesses must provide proof of purchase for qualifying WV-manufactured products to claim the credit, which reduces franchise or income taxes. This policy aims to incentivize local procurement by lowering tax burdens for businesses purchasing in-state products.