Buckhannon has long established itself as being a progressive, pro-business municipality as evidenced by its innovative B & O tax structure that exempts all retail businesses from B & O tax payment respecting the first million dollars of annual, gross revenue.
The purpose of this program is to encourage new and existing commercial or industrial businesses to invest within the City of Buckhannon by not having to pay real and personal property taxes on the value of their property for a given period of time (up to five years depending on the project and local investment in jobs creation and capital).
The Enterprise Zone will simply extend tax incentives for business to locate or expand here. The Buckhannon Enterprise Zone Program offers an economic development tool administered by the municipal government that provides for real and personal property tax rebates to businesses making substantial investments within the corporate limits of the City
The designation of an “Enterprise Zone” would result in qualifying, commercial or industrial businesses receiving full or partial, municipal real and personal property tax rebates, and/or full or partial B & O tax exemptions on qualifying investments for new construction or expansion for commercial or industrial businesses. The City of Buckhannon will designate developmental areas within the municipal corporate limits to be an “Enterprise Zone,” and therefore be enabled to provide qualifying companies with municipal real and personal property tax rebates together with B & O tax exemptions of up to 100% for a period from three to five years depending upon the extent of the new or expanded construction.
The City’s objectives in establishing this designation are to create new, and retain existing jobs within the City; to encourage new capital investment; improve competitiveness; increase other local revenues; and generally improve the economic climate of the City. The benefits to an eligible company will be a multi-year scale exemptions in their overall municipal real and personal property tax requirements which may be used to off-set start-up or expansion costs, and improvement of the company’s competitive advantage vis-ˆ-vis its competition.