Economic Development and Technology Advancement Centers

The purpose of the Economic Development and Technology Advancement Centers is to provide a mechanism for doctoral institutions to enter into agreements with centers for economic development and technology advancement to provide research assistance; to provide maximum flexibility as to the form of organization of centers so as to encourage and facilitate private sector participation in and support of research and economic development grants and opportunities in collaboration with doctoral institutions; to expedite the acquisition, administration and management of research and development grants and opportunities; to provide technical assistance in the commercialization of research opportunities; and to authorize doctoral institutions to contract with centers organized for the purpose of providing these services.

The West Virginia Economic Development Authority (“WVEDA”) administers the tax credits allowed for investments in qualified economic development and technology advancement centers as set forth in Article 12A, Chapter 18 of the Code of West Virginia, 1931, as amended (the “Economic Development and Technology Advancement Tax Credit”).  Executive and legislative actions in 2004 provided $1 Million dollars in tax credits for the WVEDA’s 2004-2005 fiscal year.  Tax credits are then allocated among the investors in the respective research and development companies.  Tax credits during the 2004-2005 fiscal year were awarded to The Chemical Alliance Zone, Inc., in Charleston, WV and the Mid-Atlantic Technology, Research and Innovation Center, in South Charleston, WV.  There are currently no tax credits allocated for this program.