The proposed bill aims to establish the "Gateway to the Gorge Outdoor Recreation Industry Act" in West Virginia, which includes a tax incentive designed to promote the growth of the outdoor recreation economy in the region between Charleston and the New River Gorge. The bill outlines legislative findings that emphasize the importance of this industry for economic diversification, job creation, and overall community welfare. It defines key terms, including "Eligible Taxpayer," "Gateway to the Gorge," and "Outdoor Recreation Industry," and sets forth eligibility criteria for businesses and individuals to qualify for the tax incentives.

Eligible businesses must be located within the designated area, create a minimum of five new jobs, or make a capital investment of at least $1 million after July 1, 2026. The tax credit allows eligible taxpayers to receive a credit of 80% of their tax liability for the year, applicable to various state taxes. The bill also mandates the Tax Commissioner to create rules for compliance and application processes. Overall, the legislation seeks to leverage West Virginia's natural resources to attract new businesses and retain young professionals in the outdoor recreation sector.

Statutes affected:
Introduced Version: 11-28-1, 11-28-2, 11-28-3, 11-28-4, 11-28-5, 11-28-6