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Recent Research: Measuring the Effectiveness of State R&D Tax Credits
Two weeks ago, Idaho Gov. C.L. “Butch” Otter vetoed legislation to repeal state R&D income tax credits for Idaho companies. Among his reasons for the veto, Gov. Otter claimed removing the credits would put Idaho at a competitive disadvantage because surrounding states over similar incentives. Was he right?
When Should a State Take Equity in Life Science Firms? Issue Debated in Massachusetts
As Massachusetts legislators are in the process of crafting a compromise bill for the statewide Life Sciences Initiative, one new issue to emerge would have the state taking an equity position in the life sciences companies in which the state provides financial support.
Legislative Wrap Up: Idaho, Iowa, South Dakota Pass Budgets
Lawmakers in Idaho, Iowa and South Dakota recently passed budgets for the upcoming fiscal year providing funds to help stabilize higher education funding, support research projects related to renewable energy R&D, and provide temporary operational support for an underground deep science laboratory.
Idaho
TBED Orgs Seek Changes in Financial Reform Bill
Nine national organizations, including SSTI, have joined the Angel Capital Association in seeking revisions to the Financial Reform Bill, which will be debated soon in the U.S. Senate. In its current form, the bill could shrink the pool of accredited U.S. investor and complicate cross-state investment (see the March 31, 2010 issue). The petitioning organizations ask that two small sections pertaining to accredited investors be removed or modified to prevent unnecessary obstacles to angel investing and entrepreneurship.
NC Gov Unveils JobsNOW Legislative Package
Gov. Bev Perdue last week announced a number of proposals designed to grow the state's economy and create jobs by focusing on the small business sector. The JobsNOW Small Business Assistance Package involves three areas of assistance, including tax incentives, statewide support for small businesses, and expanding the N.C. business preference to help small businesses compete for state contracts.
Legislative Deal Suspends HI High-Tech Tax Credits for 3 Years
Saving the state an estimated $93 million a year, Hawaii House and Senate negotiators agreed to suspend the High-Tech Tax Credit, known as Act 221, for three years, reports the Honolulu Advertiser. Lawmakers also agreed to repeal the tax credits in May rather than at the end of December, the article states.
SBA Raises SBIR Award Threshold
On March 30, the Small Business Administration (SBA) issued a Notice of Final Amendments to the Small Business Innovation Research Program (SBIR) Policy Directive increasing the SBIR Program award threshold to $150,000 for Phase I, up from $100,000, and $1 million for Phase II, up from $750,000. The current award threshold has not been adjusted since 1992 when Congress reauthorized the program's legislation. SBA received only two public comments, both supporting the proposed amendments, between August and September 2008.
Key Portions of FCC's Broadband Plan Uncertain After Court Ruling
The Federal Communications Commission suffered a setback recently when a federal court ruled that the commission lacked the authority to regulate telecommunication companies' interference with customers' communications over the Internet. Without that authority, the FCC will not be able to enforce net neutrality, a concept that was to play a major role in the commission's National Broadband Plan. That plan set the goal of connecting 100 million homes to high-speed broadband by 2010 (see the March 17, 2010 issue).
TBED People
California Gov. Arnold Schwarzenegger signed an executive order establishing the Governor's Office of Economic Development and appointed Joel Ayala as the director of the new office.
Wholly New SBIR Program Passes House, 368-43
To paraphrase an old automobile ad campaign, the SBIR program reauthorized for two years by the U.S. House of Representatives on Wednesday is not your father’s SBIR program as it was created and sustained for the past 25 years. Nor would it be the same, smaller STTR program if the bill becomes law.
Research Initiatives Slated for Funding in Approved State Budgets
Lawmakers in Georgia and Maryland approved action earlier this month on several TBED-related measures for the upcoming fiscal year. Highlights of the approved budgets are outlined below.
Georgia
$5M Investment Breathes Life into Tennessee TBED Program
A strong research base, a climate where entrepreneurs can thrive, access to risk capital, and a network of partner organizations have long been considered by policymakers and practitioners the formula for success and sustainability in technology-based economy. The Tennessee Technology Development Corporation (TTDC) unveiled its new strategic plan last week, leveraging these resources to build the state’s economic development portfolio by strengthening the science and technology sectors.
Recent Research: Could Sudden Doubling of Federal Physical Science Research Funding Undermine U.S. Competitiveness Goals?
Last year, Congress authorized $5.9 billion in new spending on research, education and entrepreneurship as part of the Bush Administration’s decade-long $50 billion American Competitiveness Initiative (ACI). Though Congress did not appropriate a significant amount of new funding to match this authorization, many remain committed to the goals of the ACI.
Recent State Budget Actions Produce Mixed Results for TBED
A growing number of state governments face revenue uncertainties in the near future. More than half now expect budget deficits and shortfalls in the upcoming fiscal year and beyond. Despite the bleak outlook, however, legislators nationwide are continuing to invest in science and technology with many lawmakers projecting high returns to their state in the coming years. Following are highlights of TBED investments and reductions in recently approved budgets in Kentucky, Maine and Nebraska.
Kentucky
$700M for New York Upstate Economic Plan in Budget Agreement
Legislators passed the fiscal year 2008-09 budget last week, increasing spending by 4.9 percent over last year and investing in New York’s Upstate economy despite projected shortfalls for several years to come.
To Lighten Debt Load, Revised Ohio Plan Redirects Tobacco & Other Funds
In a deal ironed out earlier this month by Gov. Ted Strickland and legislative leaders, the state will move forward with an economic stimulus plan that borrows far less than the governor’s original proposal while using existing state revenue such as tobacco settlement funds to supplement the plan – a move that has prompted legislative action to secure control of the tobacco funds.
State-Federal Lab Partnerships to be Highlighted May 5-8 in Portland
Many state and regional TBED organizations see federal laboratories as an integral partner in their efforts to promote technology development and commercialization. At least 22 of the leading state TBED organizations across the country have established partnerships with at least one federal laboratory to address a broad range of goals, according to a recent SSTI survey.
Is VC Becoming More or Less Concentrated Among States?
SSTI Gives Readers Closer Look at the Data
U.S. Falling Behind Other Nations in Clean Energy Investment
The U.S. lags behind many of its G-20 partners in clean energy finance and investment, according to a new study by the Pew Charitable Trusts. Many factors, including a tight credit market and the lack of a strong national framework for clean energy funding, are cited as contributing to the U.S.'s declining position in the ranks for total investment and investment intensity. As of 2009, China has taken the U.S.'s former top spot in overall clean energy investment, dedicating $34.6 billion to the sector. Spain leads the G-20 nation's in investment intensity, while the U.S. ranks 11th.
U.S. Slips Two Spots in Global Technology Report
Sweden replaced Denmark as the world's most networked economy and the U.S. fell two spots to fifth place in the Global Information Technology Report 2009-10 rankings. The report, released last week by the World Economic Forum, finds that the U.S. boasts a very conducive information and communication technologies (ICT) environment because of intensive competition, excellent infrastructure and top-notch education. Aspects of the U.S. performance which show margins for improvement include high tax rates, excessive red tape, and a poor general regulatory framework.
CA Gov Signs Bill Incentivizing Clean Tech Entrepreneurs
Gov. Arnold Schwarzenegger last week signed a bill creating a sales tax exemption for equipment used by clean-tech manufacturers — a measure the governor hopes will attract entrepreneurs investing in the clean energy sector. SB 71 is part of the governor's $500 million jobs initiative announced during his State of the State address that aims to train up to 140,000 workers create 100,000 jobs.
Ontario Plan Calls for 20,000 More College Students
David Onley, Ontario's Lieutenant Governor, announced earlier this month a plan to add space in colleges and universities for 20,000 students this year with the goal of raising Ontario's postsecondary enrollment rate to 70 percent. The plan also includes the creation of a new Ontario Online Institute and the development of a strategy to improve the quality of Ontario's postsecondary education system with input from leaders in education and business.
U.K. Launches National Space Program
The United Kingdom's new space agency will begin operations on April 1. The UK Space Agency will consolidate the U.K.'s civil space efforts and spur activity within the aerospace technology sector. A new $60.3 million International Space Innovation Centre within the European Space Agency facility also was announced. More information is available at: http://www.bnsc.gov.uk
Minnesota Legislature Approves Angel Tax Credits
The Minnesota legislature has passed a 25 percent tax credit for individuals and pooled funds that invest in early-stage high-tech businesses as part of a new jobs bill. Up to $17 million in tax credits will be available in FY11, with $12 million a year available in FY12 and afterward. The credits apply to investments in companies with fewer than 25 employees and less than $2 million in private capital.