Advantages of a Corporation
Disadvantages of a Corporation
Federal Tax Forms for Regular or "C" Corporations
West Virginia's 2008 Business Tax Climate Ranks 37thWest Virginia ranks 37th in the Tax Foundation's State Business Tax Climate Index. The Index compares the states in five areas of taxation that impact business: corporate taxes; individual income taxes; sales taxes; unemployment insurance taxes; and taxes on property, including residential and commercial property. Neighboring states ranked as follows: Pennsylvania (27th), Ohio (46th), Virginia (14th) and Kentucky (36th).
West Virginia's Individual Income Tax SystemWest Virginia's income tax system is composed of five brackets with a top rate of 6.5%, kicking in at an income level of $60,000. Among states with personal income taxes, West Virginia's top rate ranks 20th highest nationally. West Virginia's 2005 individual income tax collections were $646 per person, which ranked 33rd highest nationally.
West Virginia's Corporate Income SystemWest Virginia's corporate tax structure consists of a flat 8.75% rate on all corporate income. Among states that tax corporate income, West Virginia's corporate rate ranks 11th highest nationally. In 2006, state-level corporate tax collections (excluding local taxes) were $293.12 per capita, which ranked 4th highest nationally.
West Virginia's Sales Tax Rate above National MedianWest Virginia's state and local sales tax rate stands at 6%, which exceeds the national median of 5.4%. In 2005, state and local governments combined collected $1,225 per capita in general sales taxes, which ranks 25th highest nationally. West Virginia's gasoline tax stands at 31.5 cents per gallon, which ranks 13th highest nationally. West Virginia's cigarette tax stands at 55 cents per pack of twenty and ranks 39th highest nationally. The sales tax was adopted in 1933, gasoline tax in 1923, and the cigarette tax in 1947.
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