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.

Furthermore, the bill sets financial limits on two key funds: it caps the annual balance of the Economic Development Promotion and Closing Fund at $10 million and the annual budget of the Entrepreneurship and Innovation Investment Fund at $100 million. These changes aim to enhance transparency and accountability in the allocation of state funds to private businesses, ensuring that significant financial commitments are subject to legislative scrutiny.

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