HB 5474
Gateway to the Gorge Outdoor Recreation Industry Act
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill, the "Gateway to the Gorge Outdoor Recreation Industry Act," aims to boost West Virginia’s outdoor recreation economy by offering tax incentives. It establishes a tax credit for businesses and remote workers located within a designated area – the ‘Gateway to the Gorge’ encompassing regions around Charleston and the New River Gorge – that support outdoor activities like camping, fishing, and hiking. The bill seeks to attract new businesses and remote employees to the region, creating jobs and diversifying the state’s economy.
Key provisions
- Creates a tax credit for businesses and remote workers in the outdoor recreation industry.
- Defines the ‘Gateway to the Gorge’ as a specific geographic area.
- Establishes eligibility criteria for businesses, including job creation or capital investment.
- Sets the tax credit at 80% of a taxpayer’s tax liability.
- Allows for carryover of unused credit to future tax years.
- Authorizes the Tax Commission to create rules for the credit program.
- Defines key terms such as ‘Eligible Taxpayer,’ ‘Outdoor Recreation Industry,’ and ‘Remote Worker.’
- Specifies that the credit is applied first to corporation net income taxes, then business and occupation taxes, and finally personal income taxes.
Who is affected
- Outdoor recreation businesses
- Remote workers in the outdoor recreation industry
- Taxpayers subject to West Virginia state taxes
- Businesses located in West Virginia
- Residents of West Virginia
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