HB 4006
Creating the West Virginia Aerospace and Advanced Manufacturing Growth Act
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- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill, the West Virginia Aerospace and Advanced Manufacturing Growth Act, aims to stimulate economic development in West Virginia by creating a grant program, an aerospace development program, and offering tax credits and incentives. It establishes a fund account and clarifies economic development agreements, while also creating reporting requirements and a workforce training program. The legislation seeks to attract and support the aerospace industry, leveraging West Virginia’s existing capabilities and positioning the state for long-term economic growth.
Key provisions
- Creates a grant program for businesses involved in aerospace and advanced manufacturing.
- Establishes an aerospace development program to encourage investment and growth in the sector.
- Offers various tax credits and incentives to qualifying businesses.
- Creates a fund account to administer the grant program.
- Clarifies economic development agreements and reporting requirements.
- Establishes a workforce training program to support the industry.
- Authorizes rule-making authority for the Department of Commerce.
- Provides for the creation of a Utility Development Account to support infrastructure development.
Who is affected
- Businesses in the aerospace and advanced manufacturing industries
- West Virginia residents
- The Department of Commerce
- Local governments
- The State Budget Office
Notable changes
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