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Governors in KS and NY Outline TBED Proposals
Governors in Kansas and New York unveiled budget proposals for FY13 that would maintain funding for economic development proposals initiated last session. In Kansas, Gov. Sam Brownback proposed funding for a new Creative Industries Commission, while New York Gov. Andrew Cuomo proposed a new round of $200 million in competitive grant funding for the state's regional economic development councils.
Kansas
Gov. Sam Brownback's FY13 budget includes $3.3 million for the Innovation Growth program, established last year to operate grant programs previously managed by the Kansas Technology Enterprise Corporation (KTEC). The program also manages the Small Technology Pilot program that helps target and recruit small, tech-based companies to the state. Funding comes from the Economic Development Initiatives Fund within the Department of Commerce. A new Creative Industries Commission also would be established by merging the Kansas Arts Commission and the Kansas Film Commission. The board would be seeded with $200,000 in FY13. Gov. Brownback seeks to eliminate nearly two dozen tax credit programs in the coming year, including the angel investor tax credit created in 2004, reports The Kansas City Business Journal. The credit allows individuals investing in qualified companies to get back half of their investment, up to $50,000 a company.
The governor's FY13 budget is available at: http://budget.ks.gov/publications/FY2013/FY2013_GBR_Vol1--1-13-2012.pdf.
New York
The FY13 budget unveiled by Gov. Andrew Cuomo includes a new round of $200 million in competitive grant funding for the governor's 10 regional economic development councils. The first round of funding was awarded in December following a six-month long competition that called on the councils to submit innovative plans for improving local economies (see the Dec. 7, 2011 issue of the Digest). Of this amount $130 million is capital funding from the New York Works program and $70 million comes from Excelsior Tax Credits. These refundable tax credits are available to high-tech firms that create and maintain new jobs or make significant financial investments in the state. Another $75 in New York Works infrastructure funding is included for the Buffalo Regional Innovation Cluster activities outlined in the governor's State of the State address.
Budget documents are available at: http://www.governor.ny.gov/20122013ExecutiveBudget.
Kansas, New York