West Virginia House Bill HCR57

West Virginia 2023 Regular Session

• Introduced: 2/27/23
• Refer: 2/27/23
• Report Pass: 3/7/23
• Refer: 3/7/23
• Report Pass: 3/8/23
• Engrossed: 3/9/23

Caption

Requesting Department of Economic Development to create a plan of incentives to encourage small businesses in highly regulated states to relocate to WV

Impact

If enacted, HCR57 would stimulate a significant shift in how small businesses view West Virginia as a viable option by proposing incentives tailored for those currently grappling with administrative and regulatory pressures in their own states. The bill emphasizes that the Department of Economic Development already possesses the authority to develop competitive small business programs, aiming to create an environment favorable for both incoming and existing businesses. The annual reporting requirement further ensures accountability and progress tracking in plans that align with the state's economic objectives.

Summary

House Concurrent Resolution 57 (HCR57) requests the Department of Economic Development in West Virginia to devise a plan aimed at incentivizing small businesses from highly regulated states to relocate to West Virginia. The resolution is grounded in the belief that attracting these businesses could foster economic growth and bolster the state's development. By creating a supportive framework for businesses that may feel burdened by regulations in their current states, HCR57 posits that West Virginia can improve its economic landscape and competitiveness.

Sentiment

The sentiment surrounding HCR57 appears to be supportive among lawmakers who view it as a strategic response to economic challenges, particularly for small businesses. Proponents manifest a collective optimism that the bill could attract new businesses, offer employment opportunities, and inject vitality into West Virginia's economy. However, some apprehensions may arise regarding the implementation of such incentives and whether they can be effectively achieved within the existing legal and fiscal frameworks.

Contention

A notable point of contention could arise about what specific types of incentives would be offered and how they would be funded. Additionally, there could be discussions around the potential implications for local businesses already operating under West Virginia's regulatory framework, as they may feel disadvantaged in comparison to new entrants attracted by favorable conditions. Stakeholders will likely debate if the proposed incentives are sustainable and beneficial in the long term, ensuring balanced economic growth without undermining local entities.