West Virginia House Bill HB213

West Virginia 2024 2nd Special Session

• Introduced: 9/30/24
• Refer: 9/30/24
• Engrossed: 10/7/24
• Enrolled: 10/8/24
• Passed: 10/8/24
• Chaptered: 10/30/24

Caption

Supplementing and amending appropriations to the Department of Economic Development, Office of the Secretary

Impact

The passage of HB 213 is expected to have a significant impact on economic development efforts within West Virginia. By increasing funding for the Department of Economic Development, the bill enables the state to expand its capacity to fund grants that can stimulate job creation and enhance investment in critical sectors. The financial support earmarked to the Economic Enhancement Grant Fund specifically seeks to address areas where economic growth is needed and could lead to positive outcomes for communities statewide.

Summary

House Bill 213 seeks to supplement and amend appropriations from the unappropriated surplus balance of the State Fund for the fiscal year 2025. Specifically, it directs $125,000,000 to the Economic Enhancement Grant Fund and $10,000,000 to the West Virginia Jobs Investment Trust. The bill aims to bolster economic development initiatives in West Virginia by providing financial support to various projects that promote job creation and economic growth, thereby enhancing the state’s ability to attract and retain businesses.

Sentiment

The general sentiment surrounding HB 213 appears to be positive, particularly among legislators and members of the business community who advocate for increased funding in economic development. Supporters argue that these funds are necessary to create an attractive environment for businesses to start and grow, thus benefiting the state's economy overall. However, it's essential to consider that there may be varying perspectives among stakeholders regarding the effectiveness of such grants and the prioritization of state spending.

Contention

While the bill enjoys broad support, there are potential points of contention regarding the distribution and effectiveness of grant funding. Critics may question whether the funds will be utilized efficiently and whether this approach will yield significant returns on investment for the state. Concerns about transparency and accountability in how these appropriated funds are administered could emerge during discussions, especially from those advocating for more rigorous oversight of state expenditures.