West Virginia Business & Industry Council
Regional Meetings Schedule
January 21, 2009 --- Wheeling LUNCH – Generations - 11:45 a.m.
January 21, 2009 --- Parkersburg DINNER - Blennerhassett Hotel - 5:30 p.m.
January 22, 2009 --- Charleston LUNCH – Charleston Marriott 11:45 a.m.
January 26, 2009 --- Martinsburg DINNER – Holiday Inn (just off I-81)- 5:30 p.m.
January 27, 2009 --- Fairmont – LUNCH – Murial’s Restaurant- 11:45 a.m.
January 27, 2009 --- Elkins – DINNER – Elkins Motor Lodge- 5:30 p.m.
January 29, 2009 --- Ceredo DINNER – Rocco’s - 5:30 p.m.
February 3, 2009 --- Logan DINNER -Earl Ray Tomblin Center, Chief Logan State Park
5:30 p.m.
February 4, 2009 --- Beckley – LUNCH – Mountaineer Conference Center 1 1:45 a.m.
Lunch cost for members: $25.00 per person. Dinner cost for Members: $50.00 per person.
Please call 343-5500 or mail reservations to 2506 Kanawha Blvd. E., Charleston, WV 25311 , indicating which meeting you and/or your members will attend.
West Virginia Tax Changes Occurring on January 1, 2009
Reduced taxes for business
In a December 31st press release, Governor Joe Manchin and State Tax Commissioner Chris Morris announced numerous West Virginia tax changes that became effective on and after January 1, 2009.
Tax changes occurring as of January 1, 2009:
· State income tax withholding reporting and remittance provisions for West Virginia businesses will now closely follow the IRS schedule, thereby simplifying the tax filing calendar for West Virginia businesses.
o Taxpayers must pay by the 15th of each month or may pay the same day employees are paid.
o All taxpayers must file quarterly returns, unless withholding is $600 or under.
o First payment, due to this change, is February 15, 2009.
o First return will be due April 30, 2009.
· Combined reporting for corporations begins.
· The business franchise tax rate is reduced to 0.48%.
· The corporate net income tax rate is reduced to 8.5%.
· Job creation tax credit under the Economic Opportunity Tax Credit.
o Any eligible business creating less than 20 new jobs for a regular business and less than 10 new jobs for a qualified small business, can be eligible for a tax credit of $3,000 per year, for a period of 5 years, for each new job created.
o To qualify, the new job must be full-time, pay a minimum salary of $32,000, and offer health benefits.
· The manufacturing investment tax credit offset is increased from 50% to 60% of business franchise tax and corporate net income tax.
· The manufacturing inventory tax credit becomes effective to offset business franchise tax and corporate net income tax in the amount of property tax paid on manufacturing inventory.
For additional information on any of these upcoming tax changes visit The Legislative 2008 Summary located on The West Virginia State Tax Department’s web site at www.wvtax.gov.