West Virginia 2024 Regular Session

West Virginia Senate Bill SB594

Introduced
1/30/24  

Caption

Modifying appropriation requirements of certain economic development funds

Impact

The bill sets a cap of $10 million on the annual balance of the Economic Development Promotion and Closing Fund, which is crucial for promoting business activities within the state. It also establishes a limit of $100 million on the annual budget for the newly created Entrepreneurship and Innovation Investment Fund, which is intended to support the formation and growth of businesses, particularly startups. This structured approach is designed to ensure that the allocation of public funds is done judiciously and with legislative oversight, which may help in alleviating concerns over potential misuse of funds.

Summary

Senate Bill 594 aims to modify the appropriation requirements for economic development funds in West Virginia. It mandates that any appropriation greater than $1 million to a private business entity must be introduced as a stand-alone bill for both houses of the legislature, effectively increasing legislative scrutiny for substantial business funding. Additionally, the bill prohibits the practice of circumventing this appropriation limit through a series of lesser amounts that combine to exceed $1 million, thereby creating a more transparent and accountable legislative process concerning significant business incentives.

Sentiment

The general sentiment regarding SB594 appears to favor increased legislative oversight, reflecting a desire for more accountability in state appropriations. Supporters argue that these provisions will lead to more prudent financial management and ensure that taxpayer money is used effectively to boost the state’s economy. Conversely, there are concerns among some stakeholders about the implications of strict appropriation limits, which could potentially hinder the flexibility needed to respond to evolving economic needs. This tension underscores broader discussions on how best to foster economic growth while maintaining fiscal responsibility.

Contention

Notable points of contention surrounding SB594 include concerns from some legislators and business groups about the effects of stringent appropriation rules on economic initiatives. Critics argue that the new requirements may complicate the funding process for critical economic development projects, potentially slowing down efforts to attract and retain businesses in the state. The debate highlights a fundamental question about the balance between ensuring accountability and allowing sufficient agility in economic policy-making to foster business growth.

Companion Bills

No companion bills found.

Previously Filed As

WV HB2882

Making a supplemental appropriation to the Department of Economic Development

WV HB3130

Creating the Coalfields Energy Research and Economic Development Authority

WV SB523

Clarifying purpose and use of Economic Development Project Fund

WV SB744

Making supplemental appropriation to Department of Economic Development, Office of Secretary

WV SB256

Relating to WV Economic Development Authority

WV SB1029

Supplementing and amending appropriations from General Revenue to Department of Economic Development, Office of Secretary

WV HB3370

Creating loan program for certain properties and developments on U. S. Army Corps of Engineers land, state parks and resorts

WV HB3052

Creating small business and minority populations economic and workforce development taskforce

WV HB2043

Creating a Small Business and Minority Populations Economic and Workforce Development Taskforce

WV HB3031

Eliminating West Virginia Greyhound Breeding Development Fund

Similar Bills

MD HB350

Budget Bill (Fiscal Year 2025)

MD SB360

Budget Bill (Fiscal Year 2025)

MD HB200

Budget Bill (Fiscal Year 2024)

MD SB181

Budget Bill (Fiscal Year 2024)

PA HB611

To provide appropriations from the General Fund for the expenses of the Executive, Legislative and Judicial Departments of the Commonwealth, the public debt and the public schools for the fiscal year July 1, 2023, to June 30, 2024, and for the payment of bills incurred and remaining unpaid at the close of the fiscal year ending June 30, 2023; to provide appropriations from special funds and accounts to the Executive and Judicial Departments for the fiscal year July 1, 2023, to June 30, 2024, and for the payment of bills remaining unpaid at the close of the fiscal year ending June 30, 2023; to provide for the appropriation of Federal funds to the Executive and Judicial Departments for the fiscal year July 1, 2023, to June 30, 2024, and for the payment of bills remaining unpaid at the close of the fiscal year ending June 30, 2023; and to provide for the additional appropriation of Federal and State funds to the Executive and Legislative Departments for the fiscal year July 1, 2022, to June 30, 2023, and for the payment of bills incurred and remaining unpaid at the close of the fiscal year ending June 30, 2022.

MD HB350

Budget Bill (Fiscal Year 2026)

MD SB319

Budget Bill (Fiscal Year 2026)

MD HB300

Budget Bill (Fiscal Year 2023)