The bill amends the definition and funding mechanisms for "high-impact development projects" as outlined in the Code of West Virginia. It allows the West Virginia Economic Development Authority board to consider regional and local economic factors when determining if the loan per job ratio criteria has been met for projects seeking financial assistance. Additionally, the bill permits up to $20 million annually to be exempted from the high-impact development project definition, allowing these funds to be utilized from the Economic Development Project Fund. It also removes the previous $300 million cap on available funds for high-impact development projects, enabling greater financial flexibility for the authority.

Furthermore, the bill stipulates that the board of directors must consider the overall availability of funds in both the Economic Development Project Fund and the Industrial Development Loan Fund when making decisions regarding economic development financial assistance packages. This change aims to enhance the authority's ability to support business formation and expansion, as well as site development, by providing a more comprehensive approach to funding high-impact projects. The bill is set to take effect 90 days after its passage, on July 11, 2025.

Statutes affected:
Introduced Version: 31-15-23a
Enrolled Version: 31-15-23a