This bill aims to amend the Code of West Virginia by establishing a new Economic Development Investment Fund, which will be created within the State Treasury. The fund is intended to serve as a long-term capital deployment resource for financing job-creating projects, supporting strategic industry recruitment, funding necessary infrastructure for large industrial and energy users, and leveraging private investment within the state. The fund will be administered by the Division of Economic Development, and any balance at the end of each fiscal year will remain in the fund for its intended purposes. The bill also outlines specific limitations on the use of the fund, ensuring it cannot be used for government operating expenses or recurring programmatic spending, and mandates that any entity receiving funds must enter into a performance agreement with job creation and private investment thresholds.

Additionally, the bill modifies existing provisions related to the Revenue Shortfall Reserve Fund. It specifies that if a fiscal year surplus exceeds the deposit limitation for the Revenue Shortfall Reserve Fund, the excess funds will be transferred to the newly established Economic Development Investment Fund. The bill also updates the timeline for deposits into the Revenue Shortfall Reserve Fund, changing the effective date for certain provisions from July 1, 2024, to July 1, 2026. Overall, the legislation seeks to enhance economic development efforts in West Virginia while ensuring fiscal responsibility and accountability in the use of state funds.

Statutes affected:
Introduced Version: 11B-2-20, 5B-2-22