Bill > SB907

This bill modifies the definition and funding mechanisms for high-impact development projects in West Virginia. The bill defines a high-impact development project as one where the Governor requests financial assistance of $50 million or more, the industrial development agency invests at least $50 million privately, and the project meets specific loan-per-job ratio criteria. Importantly, the bill allows the Economic Development Authority to consider regional and local economic factors when evaluating whether a project meets these criteria. The bill removes the previous $300 million cap on available funds and allows up to $20 million annually to be exempted from the high-impact development project definition. The Economic Development Project Fund can now be used more flexibly to offer incentives for business formation, expansion, and site development. The bill also requires the authority to keep detailed records of fund transactions, undergo annual audits, and submit annual reports to the Joint Committee on Government and Finance and the Governor, detailing project-specific information such as outstanding financing, private investment, and job creation. The legislation aims to provide more strategic and adaptable economic development support for significant projects in West Virginia.

Business and Industry, Transportation and Infrastructure

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=907&year=2025&sessiontype=RS&btype=bill