SB 1063
Creating Economic Development Investment Fund
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Sign in to take action- Introduced
- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill creates the Economic Development Investment Fund (EDIF) within the State Treasury to support long-term capital projects and strategic economic development initiatives in West Virginia. The fund will be administered by the Division of Economic Development and can be used for financing job creation, supporting industry recruitment, and infrastructure improvements. Funds will be drawn from the Revenue Shortfall Reserve Fund, which is intended to address budget shortfalls.
Key provisions
- Establishes the Economic Development Investment Fund (EDIF) with a purpose to finance job-creating capital projects, strategic industry recruitment, infrastructure, and private investment.
- Designates the Division of Economic Development to administer the fund.
- Funds for the EDIF will be drawn from the Revenue Shortfall Reserve Fund.
- The fund can be used for loans, revolving financing, equity participation, infrastructure grants, and other financial instruments.
- Projects receiving funds must meet job creation, private investment, and tax base expansion thresholds.
- The fund’s balance must maintain a minimum of one year’s projected project commitments.
- The fund cannot be used for government operating expenses, salary increases, or recurring programmatic spending.
- The Revenue Shortfall Reserve Fund will be funded from surplus revenues and transferred to the EDIF.
Who is affected
- State of West Virginia
- Businesses and Industries
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