This bill amends the Code of West Virginia to establish stricter regulations on appropriations to private business entities. Specifically, it mandates that any appropriation exceeding $1 million must be presented as a stand-alone bill to both the House of Delegates and the Senate. Additionally, it prohibits the authorization of multiple appropriations under $1 million that, when combined, exceed the $1 million threshold for a single private business entity. This aims to prevent circumvention of the appropriation limit.

Furthermore, the bill sets financial limits on two key funds: the Economic Development Promotion and Closing Fund and the Entrepreneurship and Innovation Investment Fund. The annual balance of the Economic Development Promotion and Closing Fund is capped at $10 million, while the Entrepreneurship and Innovation Investment Fund is limited to an annual budget of $100 million. These changes are intended to ensure more transparent and accountable financial practices in the state's economic development efforts.

Statutes affected:
Introduced Version: 4-1-2, 5B-2-3b, 5B-2-16