SB 1062
Creating TEAM-WV
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Sign in to take action- Introduced
- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
Senate Bill 1062 establishes TEAM-WV, a non-profit corporation, to promote economic development, job creation, job retention, job training, and business recruitment in West Virginia. The bill outlines the corporation’s structure, including a nine-member board of directors appointed by the Governor with input from the WVU, Marshall University, and the WV Investment Management Board. TEAM-WV will assist the Department of Commerce and is subject to specific financial and operational requirements, including an audit committee and conflict-of-interest policies. The bill also addresses the transfer of the state’s spirits distribution system to TEAM-WV, outlining terms and conditions for this transfer.
Key provisions
- Creation of TEAM-WV as a non-profit corporation with a specific purpose.
- Establishment of a nine-member board of directors appointed by the Governor with input from key institutions.
- Requirement for TEAM-WV to assist the Department of Commerce.
- Mandatory audit committee and conflict-of-interest policies.
- Transfer of the state’s spirits distribution system to TEAM-WV under specific terms.
- Establishment of a transfer price for the spirits distribution system.
- Exemption of TEAM-WV’s income and the spirits distribution system from state taxes.
- Provision for the state to retain an option to transfer the spirits distribution system back to the state.
Who is affected
- State of West Virginia
- West Virginia Department of Commerce
- West Virginia University
- Marshall University
- West Virginia Investment Management Board
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