Creating Corporate Anti-Subsidy Act

HB 4735, the "Corporate Anti-Subsidy Act," prohibits West Virginia from offering new company-specific tax breaks or grants to attract or retain businesses, aiming to end state competition through targeted subsidies. The bill establishes a framework for West Virginia to join an interstate compact where participating states agree not to provide special subsidies (like reduced tax rates or direct grants for specific companies) that disadvantage competitors. It explicitly excludes workforce development grants (training programs benefiting employees) and does not affect existing subsidies, though renewals of current deals would be banned. This policy shift requires states to compete based on general economic conditions - like infrastructure and workforce quality - rather than offering one-off financial incentives to individual corporations.