Economic Incentives & Financing
The Benedum Airport Authority is seeking Foreign Trade Zone (FTZ) designation for the Airport and Aerospace / Industrial Park. The Foreign Trade Zone designation allows businesses to bring foreign sources inventory into their facility and either re-ship, sort, repackage, or perform any value-added service to the product without recognizing the duty tax normally applicable to the inventory. The greatest economic benefit lies in the ability to exempt 100% of the inventory from the State Inventory Tax in perpetuity, which typically saves $1.00 to $3.00 per square foot ($7.50 - $22.50 per square meter) of occupancy cost.
Enterprise Zone Information
Businesses can receive abatement of 60%, and up to 75% of both real estate and personal property taxes. Additional information on Enterprise Zones as well as other tax incentives available can be found at the State of West Virginia.
Benedum Airport Authority and the Mid-Atlantic Aerospace Complex (MAAC) can offer a variety of low interest Financing Alternatives to businesses locating at the Benedum Aerospace and Industrial Park for both real estate (facility construction), machinery and equipment purchases.
State Loan Programs
The State of West Virginia typically works in conjunction with local government entities such as the Airport Authority to package low interest loans, tax credits and other economic incentives for new and expanding businesses in West Virginia.
Business Incentives and Tax Credits
A complete list of eligible Business Incentives and Tax Credits for development at the Benedum Aerospace and Industrial Park can be reviewed here.