This bill amends several sections of the Code of West Virginia to promote economic development, particularly in the aerospace sector, through the establishment of new programs and incentives. It introduces the "West Virginia Aerospace and Advanced Manufacturing Growth Act," which creates an Aerospace Development Program within the Department of Commerce. This program will focus on identifying impactful aerospace projects and providing assistance through a designated Aerospace Development Liaison, along with various tax incentives for qualifying projects. Additionally, the bill establishes the "West Virginia Job Development Investment Grant Program," allowing the Division of Economic Development to enter into agreements with aerospace businesses for grants based on job creation and investment criteria, while prioritizing projects in lower-tier development counties.

Moreover, the bill creates the Job Development Investment Grant Program Account, funded by state income tax withholdings from participating businesses, to support grants and transfers to the Utility Development Account. It mandates that businesses applying for grants provide detailed financial information and pay an application fee, while also requiring annual performance reports. The legislation emphasizes accountability and environmental protection, stipulating that funded projects must not adversely affect the environment and cannot be used for non-manufacturing projects that do not meet median wage criteria. Additionally, the bill introduces the "West Virginia MRO Workforce and Aviation Maintenance Education Act," aimed at enhancing workforce education in aviation maintenance, establishing a comprehensive training program, and creating regional aviation workforce hubs to align education with industry demand.

Statutes affected:
Introduced Version: 11-6F-1, 11-6F-2, 11-6F-4, 5B-12-1, 5B-12-2, 5B-12-3, 5B-13-1, 5B-13-2, 5B-13-3, 5B-13-4, 5B-13-5, 5B-13-6, 5B-13-7, 5B-13-8, 5B-13-9, 5B-13-10, 5B-13-11, 5B-13-12, 5B-14-1, 5B-14-2, 5B-14-3, 5B-14-4, 5B-14-5, 5B-14-6, 5B-14-7, 18B-23-1, 18B-23-2, 18B-23-3, 18B-23-4, 18B-23-5, 18B-23-6, 18B-23-7, 18B-23-8, 18B-23-9, 18B-23-10
Committee Substitute: 11-6F-1, 11-6F-2, 11-6F-4, 5B-12-1, 5B-12-2, 5B-12-3, 5B-13-1, 5B-13-2, 5B-13-3, 5B-13-4, 5B-13-5, 5B-13-6, 5B-13-7, 5B-13-8, 5B-13-9, 5B-13-10, 5B-13-11, 5B-13-12, 5B-13-13, 18B-23-1, 18B-23-2, 18B-23-3, 18B-23-4, 18B-23-5, 18B-23-6, 18B-23-7, 18B-23-8, 18B-23-9