Tag: Economy

Two Weeks Remain To Apply For Aid Related To April Storms

Just weeks remain for residents to apply for financial assistance with FEMA and the SBA over storms and flooding that struck the state April 11 and 12. Forms of aid available range from assistance for home repairs to business loans.

Residents have until Sept. 3 to apply for storm-related financial assistance with the Federal Emergency Management Agency (FEMA) and the United States Small Business Administration (SBA). 

The aid can help with the cost of repairs due to storms and flooding that struck West Virginia on April 11 and 12.

Renters and homeowners in Boone, Hancock, Kanawha, Marshall, Ohio, Roane, Wetzel and Wood counties can seek financial aid from FEMA to cover their basic needs, property damages and repair projects tied to the inclement weather, among other costs.

Residents and business owners from these counties can also seek disaster relief loans from the SBA to offset financial losses from the storms.

Eligible parties seeking emergency aid from FEMA can apply for assistance online at disasterassistance.gov, by calling the agency at 1-800-621-3362 or by visiting their local disaster recovery center.

Residents and business owners can apply for SBA loans online at the agency’s website. They can also contact the SBA over the phone at 1-800-659-2955, or over email at disastercustomerservice@sba.gov.

State Officials Certify 4 Percent Tax Cut For 2025

This week, state officials certified a 4 percent reduction to West Virginia’s personal income taxes, effective Jan. 1. The reduction was anticipated for weeks, but became official Thursday.

Next year, West Virginia residents will see a smaller portion of their paychecks go toward taxes.

The state officially granted a 4 percent reduction to its personal income tax, effective January 1, 2025. The tax cut was certified Thursday by State Auditor J.B. McCuskey and Larry Pack, acting secretary of the West Virginia Department of Revenue.

The certification follows an early July announcement from Gov. Jim Justice that the state anticipated a reduction to personal income taxes. This was credited to a 2023 law, which automatically triggers income tax cuts when the state revenue surpasses figures from 2019, adjusted for inflation.

Justice has repeatedly expressed a desire to see state income taxes eliminated outright and has described the cuts as a way to support consumers and attract businesses and residents to West Virginia. In 2023, he signed into law a 21 percent reduction in state income taxes, the largest cut in state history.

Some elected officials and economic analysts have expressed concern that reducing taxes could hurt state services like Medicaid and public education by reducing their access to funding.

Still, Justice, McCuskey and Pack described the latest round of cuts as a win for everyday West Virginians.

“While it won’t happen during my time as your governor, our state is on a pathway to eliminating its personal income tax. So, let’s keep the ball rolling in the same direction,” Justice said in a Thursday press release. “Getting rid of the personal income tax will bring more goodness and more people to our beautiful state.”

Appalachian Power Plan Would Raise Industry Costs, Group Says

If the West Virginia Public Service Commission approves the latest Appalachian Power proposal, they will pay nearly 9 cents a kilowatt hour, a 46 percent increase.

Large industrial users of electricity say an Appalachian Power proposal would leave the state at a competitive disadvantage.

Five years ago, West Virginia industrial customers paid about 6 cents a kilowatt hour. 

If the West Virginia Public Service Commission approves the latest Appalachian Power proposal, they will pay nearly 9 cents a kilowatt hour, a 46 percent increase. Residential rates would also increase. 

The PSC heard testimony this week in an evidentiary hearing on the plan to recover fuel costs from electricity customers.

The PSC approved cost increases for Appalachian Power in January and again last month that will raise rates starting in September.

If the PSC approves the newest request, the West Virginia Energy Users Group says the state will have higher electricity costs than every surrounding state except Maryland.

The state would then rank at 38 out of 50 states and the District of Columbia, the group says, putting the state closer to the most expensive places for electricity. 

Kentucky, Ohio, Pennsylvania and Virginia would all be less expensive.

The statewide average includes Mon Power’s industrial customer rates.

Luxury Hotel Planned For Harpers Ferry Gets Special Tax Status

The Jefferson County Commission voted unanimously to grant a luxury hotel project a special tax status. The hotel will assume the site of a historic hotel that fell into disrepair.

Years in the making, a luxury hotel planned for Harpers Ferry has just moved closer to becoming a reality.

The Jefferson County Commission voted unanimously to grant the Hill Top House Hotel the status of tax increment financing (TIF) district on Aug. 1. The TIF program grants financial support to development projects in areas that are considered to be in need of revitalization.

The project is planned for the site of a historic nineteenth-century Harpers Ferry hotel that overlooks the Potomac River. The property fell into disrepair by the early twenty-first century.

Sites within a TIF district have their property value frozen for a number of years, during which property owners can develop on those sites without facing increased property taxes. This aims to help businesses and development projects get off the ground with fewer starting costs.

In an April email to West Virginia Public Broadcasting, Karen Schaufeld, CEO of SWaN & Legend Venture Partners — the Virginia-based investment group leading the project — said receiving a TIF district designation was a “financial necessity” to complete the project.

But the project has been repeatedly stalled by some community members’ concerns that it is too large in scale for the small community, fitted with an underground parking garage, on-site restaurant and public green space.

Sitting commissioners have voiced support for the project, but some expressed logistical concerns over the speed of the TIF district application process. Ultimately, those concerns were outweighed by the commission’s support for the project, affirmed by its unanimous vote this week.

In the months ahead, SWaN executives will work through bond agreements with the Jefferson County Commission, as reported by local newspaper Spirit of Jefferson.

While there is no set timeline for when the hotel’s construction will begin, SWaN executives estimate it will take up to two years to complete.

Energy Storage Project Using West Virginia-Made Batteries Gets $100 Million In Federal Funds

This week, the Department of Energy announced it would provide more than $100 million to a “multi-day energy storage project” using batteries from Form Energy’s new Weirton factory, located in Hancock County.

Batteries developed in West Virginia will soon power a major energy storage project in Lincoln, Maine.

This week, the United States Department of Energy (DOE) announced it would provide more than $100 million to a “multi-day energy storage project” using batteries from Form Energy’s new Weirton factory, located in Hancock County.

The project is developing an energy storage facility in Maine using batteries made by the West Virginia plant. The facility will be able to store energy for up to 100 hours without recharging, ready for use. It is also part of a wider $2.3 DOE investment to strengthen the energy grid nationally.

State officials look at West Virginia’s role in the project as an opportunity to support the local economy, and bolster resources for the state’s energy sector.

“For generations, West Virginia has done the heavy lifting, doing everything asked of it to create a legacy as America’s energy and manufacturing powerhouse,” said Sen. Joe Manchin, I-W.Va., in a Thursday press release.

“This investment is great news for Weirton and signals that West Virginia will continue our proud tradition of helping power America,” said Sen. Shelley Moore Capito, R-W.Va.

Mateo Jaramillo, co-founder and CEO of Form Energy, said the newly announced plans mark “the largest energy storage project based on energy capacity announced yet in the world.”

The company is actively finishing construction on its factory in Weirton, breaking ground just over a year ago. It marks Form Energy’s first high-volume manufacturing facility, located on a 55-acre plot.

The company is currently testing its manufacturing lines and recruiting workers to prepare for higher-capacity production by the end of the year.

Jaramillo said the project could also help revitalize Weirton’s economy, “fostering sustainable development and long-term prosperity.”

The company came to the West Virginia community because of its “existing transportation infrastructure” and “strong talent base,” according to a Thursday press release.

West Virginia Secretary of Economic Development Mitch Carmichael said Hancock County’s role in the project shows that West Virginia remains a key player in industry and energy production nationally.

“West Virginians have always been willing to sacrifice for the energy, steel and work ethic needed by our great nation,” he said. “Our state’s interest in continuing our energy heritage with Form Energy is showing dividends.”

Breeze To Add Direct Flight From Yeager To Newark International

Newark, New Jersey, is about a 20-minute train ride into New York City and is a hub for international flights. 

Starting Nov. 14, Breeze will fly directly from Yeager Airport to Newark Liberty International two days a week.

Newark, New Jersey, is about a 20-minute train ride into New York City and is a hub for international flights. 

“This new route not only enhances access and flexibility for visitors to the New York City area but also offers expanded options for connecting to other destinations,” said Yeager Airport Director and CEO Dominique Ranieri. “Breeze Airways has been a tremendous addition to West Virginia, and we look forward to their continued growth at CRW.”

Breeze began Charleston service in May 2023 and flies directly to Orlando International Airport year-round. The airline offers seasonal service to Myrtle Beach, South Carolina, and Tampa, Florida.

The Breeze flights to Newark, code EWR, will take off on Thursdays and Sundays. Fares on the new route start at $49 and can be booked at flybreeze.com

This will be the first time in more than a decade since Yeager has had a flight to the New York region. Breeze’s current partnership with the state and local governments includes incentives.

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