CHARLESTON, W.Va. — With no discussion, the state Senate overwhelmingly passed a bill that could create a sovereign investment fund for West Virginia.
House Bill 4001, creating the West Virginia Impact Fund, passed the Senate 33-3 with one absence.
The bill was a priority of House Speaker Roger Hanshaw, who was pleased.
Roger Hanshaw
“I thank my colleagues in the Senate for their thorough consideration and overwhelming vote to support this bill that will truly revolutionize how we advance and attract economic development in our state,” stated Hanshaw, R-Clay.
“We have all for years discussed the need to diversify our state’s economy to create jobs, provide opportunities and lure people and new businesses to our state. I absolutely believe this bill will help up attract the investment dollars that can capitalize the kind of large-scale projects that we’ve tried to locate in our state for years.”
The same bill passed the House of Delegates on Feb. 21 after two hours of floor discussion and questions.
The bill would establish a Mountaineer Impact Fund so West Virginia could serve as an official partner in investment deals.
As envisioned, the finances would come from private investors or other sovereign investment funds with minimal West Virginia public dollars — if any — being involved.
Major investors might include big corporations, combinations of private investors or the sovereign wealth funds of other countries.
West Virginia could be the controlling partner, essentially the sponsor of the projects. In other words, West Virginia would be endorsing the investment with the state’s name.
Guiding those decisions would be a board led by an executive director who would need to be hired. An investment committee including the governor and five appointees confirmed by the Senate would also be established. And the state Commerce Secretary would also be on board.
One problem the bill is aimed at solving is the effect of the federal Committee on Foreign Investments in the United States. CFIUS can intervene in foreign investment deals if it believes they affect national security.
Members include the secretaries of Justice, Homeland Security, Commerce, Defense, State, and Energy, along with the U.S. Trade Representative and the head of the White House’s Office of Science and Technology Policy.
As China has risen as a “strategic competitor,” the concern is that planned investments could be unraveled.
Hanshaw said that can cause a chilling effect on investment, one that he hopes to resolve through West Virginia’s stamp of approval.
“Many people don’t realize that there is more than $17 trillion – that’s trillion with a ‘T’ – worth of potential investment capital sitting in accounts across the globe looking for something to invest in,” Hanshaw stated.
“Our Impact Fund will create a vehicle that gives these investors the option of putting their money to work in West Virginia.”
The Senate also passed two bills providing tax credits aimed at petrochemical investment in West Virginia.
HB 4421, called the Natural Gas Liquids Economic Development Act, would provide a credit to businesses that store or transfer natural gas. The goal of the bill is to attract an ethane cracker plant or storage hub.
HB 4019, called the Downstream Natural Gas Manufacturing Investment Tax Credit Act of 2020, would allow eligible taxpayers to take a credit against the portion of state income taxes that come from the taxpayer’s investment in a new or expanded downstream natural gas manufacturing facility provided it creates new jobs.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
