§5B-2E-2. Legislative findings

Published: 2015

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WVC 5 B- 2 E- 2

§5B-2E-2. Legislative findings.

The Legislature finds and declares that the general welfare

and material well-being of the citizens of the state depend, in

large measure, upon the development of tourism development projects

in the state and that it is in the best interest of the state to

induce the creation of new, or the expansion of existing, tourism

development projects within the state in order to advance the

public purposes of relieving unemployment by preserving and

creating jobs and by preserving and creating new and greater

sources of revenues for the support of public services provided by

the state; and that the inducement for the creation or expansion of

tourism development projects should be in the form of a tax credit

to be applied to consumers sales and service taxes collected on the

gross receipts generated directly from the operations of the new or

expanded tourism development projects, in lieu of tax credits on

income that are largely deferred for a number of years after start

up of a major tourism development project; and all of which new or

expanded tourism developments are of paramount importance to the

state and its economy and for the state's contribution to the

national economy.

Note: WV Code updated with legislation passed through the 2015 Regular Session

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