The House Republicans’ budget priorities were recently announced, as HB 1001 goes from the Governor’s initial budget priorities to more in-depth House consideration. The Chamber was glad to see several technology and innovation priorities in the bill including:
- Makes the Venture Capital Tax Credit transferrable to people who don’t have Indiana tax liability. It also removes the 2021 expiration date of the tax credit, which helps enhance certainty
- Several parts of the $1 billion over 10 years for innovation and entrepreneurship plan:
- It caps the amount of the Next Level Trust Fund that can be invested in Indiana businesses to 50% of that $500 million fund. It still appoints a board of trustees to oversee the investment policy of the fund
- Has $20 million over the two years for the Indiana Biosciences Research Institute
- Due to budget pressure, it reduced the 21st Century Research and Development Fund by $10 million per year to $20 million per year
- It allocates $1 million for the biennium for the Launch Indiana program
We expect many changes in HB 1001 as it advances through the legislature. The Chamber will continue to educate legislators on these important economic development priorities currently in the bill and why they need to remain.