The "Gateway to the Gorge Outdoor Recreation Industry Act" aims to stimulate the outdoor recreation economy in West Virginia by providing tax incentives for businesses in this sector. The bill establishes a new article in the West Virginia Code, which includes definitions, eligibility criteria, and the framework for a tax credit. Eligible businesses must be located within the designated "Gateway to the Gorge" area and either create five new jobs or make a capital investment of at least $1 million after July 1, 2026. The tax credit can be up to 50% of the entity's tax liability, with a maximum credit of $1 million allowed per taxable year, and can be claimed for three consecutive years.

Additionally, the bill outlines the responsibilities of the Tax Commissioner, who will be tasked with promulgating rules for compliance and the application process. The legislation emphasizes the importance of leveraging West Virginia's natural resources to attract new businesses and retain talent, particularly among young professionals interested in outdoor recreation. By enacting this act, the state aims to diversify its economy, create job opportunities, and enhance the overall quality of life for its residents.

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