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 in 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 entity, thereby preventing circumvention of the appropriation limit.

Furthermore, the bill sets financial caps on two key funds: the Economic Development Promotion and Closing Fund, which is limited to an annual balance of $10 million, and the Entrepreneurship and Innovation Investment Fund, which is capped at $100 million annually. The bill also modifies the language regarding the use of the Entrepreneurship and Innovation Investment Fund to clarify that it will support only West Virginia residents in business startup initiatives and workforce participation improvements.

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