state budget

NJ alters fiscal year to ease coronavirus strain on budget

As the economic fallout continues from the coronavirus pandemic and associated shutdown, states are still uncertain as to what their financial situations might be as they attempt to craft their new spending plans for a quickly approaching new fiscal year, which for most states start July 1. Last month, New Jersey state leaders took a unique approach to the situation by extending the current fiscal year from June 30 to September 30. The extension addresses a number of issues.

Despite budget constraints, NY shows continuing commitment to combat climate change

Although uncertainty and fear about the state’s fiscal situation continue to grow, New York’s 2021 budget stands strong in its commitment to deliver a green economy and resilient communities, preserve natural ecosystems and ensure access to clean drinking water. The State of New York has recently approved its budget for the fiscal year of 2021, which includes investments focusing on environmental resilience, conservation, green energy, and carbon-free transportation.

New program seeks to boost Minnesota’s innovation economy

Funds for entrepreneurial training, technical assistance with R&D, and matching grants for innovative small businesses are among the items now part of Minnesota’s economic development toolkit thanks to new funding in the state’s recently signed FY 2020 biennial budget. Under the approved budget, Launch Minnesota will receive $2.5 million in each of the next two fiscal years to support innovation and entrepreneurship. Originally called the Minnesota Innovation Collaborative in Gov.

Innovation, broadband, higher education initiatives get state support

Innovation initiatives are seeing increased funding in some states as legislatures across the country begin to finalize budget bills and other legislation. SSTI continues to monitor these developments and this week we cover budget bills in Idaho that saw small increases to the Manufacturing Extension Partnership (MEP) program, as well as increases in the Small Business Development Center (SBDC) and STEM Action Center, and new funding for a computer science initiative. South Dakota will see an increase in funding for the Governor’s Office of Economic Development and West Virginia passed bills creating an SBIR/STTR matching grant program, support for community and technical college tuition assistance, expansion of broadband service, and other innovation-related initiatives in its budget that passed earlier in March.

State support for higher education grows “marginally”

From FY 2018 to FY 2019, state fiscal support for higher education grew by 1.6 percent nationwide and increased in 45 states, according to new data from the Grapevine Survey, a project of Illinois State University’s Center for the Study of Education Policy in cooperation with the State Higher Education Executive Officers (SHEEO).

Maryland Gov. proposes $56 million for Opportunity Zone programs

Maryland Governor Larry Hogan’s FY 2020 budget proposal includes $56.5 million in new funding to attract businesses to Opportunity Zones. Other new innovation funding would support manufacturer hiring credits and a seed fund for minority entrepreneurs. Under the governor’s proposal, TEDCO, the state’s primary innovation agency, would see its spending increase from $27 million to $45 million.

Massachusetts advances new manufacturing, apprenticeship funding in last state budget of FY 2019

Nearly a month after the start of the new fiscal year, Massachusetts legislators have approved an FY 2019 budget. Science and innovation stakeholders may find it worth the wait. Included in the $42 billion budget are new funding for a precision manufacturing initiative that will fund multiple, local activities ($2.7 million) and $500,000 for registered apprenticeships.

Wyoming legislature passes bills promoting innovation, economic diversification

Wyoming Gov. Matt Mead has approved legislation that will help promote economic diversification through innovation in a state that has relied heavily on a relatively small number of resource-based industries. Mead recently signed multiple pieces of legislation that comprise ENDOW (Economically Needed Diversity Options for Wyoming), a 20-year initiative focused on diversifying and growing the state’s economy. Notable bills include Senate File 118, which will establish a dedicated organization to support Wyoming’s entrepreneurs and provide funds to innovative startups, and Senate File 119, which will establish a dedicated fund for workforce training in economic sectors considered a priority for the state.

States of Innovation 2017: States look to tax incentives to spur startup investments, R&D, business growth

This week we continue our series on state legislation pertaining to the innovation economy that has been enacted this year around the country. This third installment of the States of Innovation 2017 series deals with innovation and entrepreneurship-focused tax credits.

Over the past year, state lawmakers in approximately have looked to grow innovation and entrepreneurship in their respective states by introducing and expanding tax credit efforts intended to increase the availability of startup capital, support R&D activities, facilitate business growth, and spur job creation. The two most common types of tax credits proposed to support innovation at the state level are angel tax credit programs and R&D tax credit programs. In addition to these two areas, states also proposed other tax credits intended to support job creation and business growth.

Innovation, education victims of FL governor’s veto pen

Among the $410 million in items Gov. Rick Scott struck from Florida’s 2018 budget were more than 100 appropriations totaling more than $20 million that would support STEM education, higher ed, R&D and innovation. Instead, the governor wants the state to spend more money promoting tourism. Scott vetoed more than $20 million for innovation-oriented economic development items.

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