NJ governor signs bills to expand angel investment tax credits, fund TBED
New Jersey Gov. Phil Murphy signed multiple bills late last month that may help position the state as a leader in technology-based economic development. One bill increases the tax credit for angel investors in qualified technology companies, with even larger credits available for investments in women- and minority-owned businesses and those located in low-income areas. Meanwhile, the state’s approved FY 2020 budget includes $1.0 million for the New Jersey Commission on Science, Innovation, and Technology.
New Jersey Gov. Phil Murphy signed multiple bills late last month that may help position the state as a leader in technology-based economic development. One bill increases the tax credit for angel investors in qualified technology companies, with even larger credits available for investments in women- and minority-owned businesses and those located in low-income areas. Meanwhile, the state’s approved FY 2020 budget includes $1.0 million for the New Jersey Commission on Science, Innovation, and Technology. After nearly a decade of receiving no funding from the state, this marks the second consecutive year that the commission will receive $1.0 million to support technology-based economic development.
States look to investment tax credits to increase economic growth in DE, NJ, TN
Over the past few weeks, Delaware, New Jersey, and Tennessee have proposed, announced or expanded investment tax credit programs to spur job creation and innovation. In Delaware, Gov.
Over the past few weeks, Delaware, New Jersey, and Tennessee have proposed, announced or expanded investment tax credit programs to spur job creation and innovation. In Delaware, Gov. John Carney signed the Angel Investor Job Creation and Innovation Act, while Tennessee is expanding its Angel Tax Credit criteria, and New Jersey is proposing establishing innovation zones and tax credits for high-tech businesses within those zones.
Illinois governor proposes $500 million match for public-private research institute
In an effort to support research collaboration among the state’s largest universities, Illinois Gov. Bruce Rauner’s proposed FY 2019 capital budget would provide $500 million for the University of Illinois Discovery Partners Institute in Chicago’s South Loop. The funds would serve as a state match for private donations from individuals, corporations, and other entities.
States with new university-industry partnerships & research capacity activities work to strengthen economies and talent pipelines
Research universities and their partnerships with industry, including an institution’s research capacity, are important elements to building a state’s economy as well as the national economy and talent pipeline and workforce.
Several states in play this election cycle for innovation initiatives, gubernatorial and legislative elections
As voters head to the polls next week, some will be deciding the fate of innovation and development-related initiatives, while voters in Kentucky, Louisiana and Mississippi will be voting in gubernatorial elections. The initiatives include a possible additional $3 billion in Texas for cancer research. And in Louisiana, Mississippi, New Jersey and Virginia, legislative chambers are holding regular elections. Those races and initiatives are covered below.
State ballot initiatives
Colorado
As voters head to the polls next week, some will be deciding the fate of innovation and development-related initiatives, while voters in Kentucky, Louisiana and Mississippi will be voting in gubernatorial elections. The initiatives include a possible additional $3 billion in Texas for cancer research. And in Louisiana, Mississippi, New Jersey and Virginia, legislative chambers are holding regular elections. Those races and initiatives are covered below.
Free tuition offerings continue to evolve in states across the US
New Mexico Gov. Michelle Lujan Grisham became the latest governor to propose a plan for free tuition, with what has been called the “one of the most ambitious attempts to make higher education more accessible.” If approved, the plan would allow in-state students to attend any of the 29 state public colleges or universities, regardless of income. It is designed as a “last-dollar” program.
NJ Governor Shifting State TBED Priorities
NJCST Out, Cancer Research In
People
Illinois Governor Rod Blagojevich has appointed Julie Curry as deputy chief of staff for economic development and labor.
TBED Briefs
Midwest Angel Network Association Launched in Illinois
People
Pam McDonough, director of the Department of Commerce and Community Affairs for the past four years, has been appointed to the Illinois Labor Relations Board by outgoing Governor George Ryan. Joseph Hannon will serve as the department's director for the remainder of Ryan's term, which ends in January.
Illinois Quadruples Number of Technology Enterprise Corporations
On Thursday, Illinois Governor George Ryan announced nearly $3 million in state grants for eight Illinois Technology Enterprise Corporation (ITEC) centers, quadrupling the number of ITECs. Funded by the Illinois Department of Commerce and Community Affairs (DCCA), the centers assist technology-based start-up businesses and serve as incubators for the new ventures.
Rutgers Asks: Is It Time for the Next New Economy in NJ?
For many areas of the country, the first five years of the 21st century may well be remembered as a period of dramatic economic transformation, or the beginning of one as the rate of change continues at a fast clip. Having statistics for the five-year period of 2000-2005, however, provides the first opportunity for policymakers and academic researchers to look for meaning in the trends.
People & Organizations
The Center for Applied Innovation, a Chicago-based think tank, appointed Michael Patin as its new executive director.
Job Corner: Illinois Technology Development Alliance Seeks President
The Illinois Technology Development Alliance (ITDA) is a private, nonprofit 501(c)(3) corporation providing entrepreneur training, commercialization, and technology transition services for government, major research institutions, and corporations. ITDA is looking for a president who will work closely with the organization's board to establish a work plan and priorities to fulfill the mission of the ITDA and will have operating responsibility for the successful implementation of the plan.
Recent Research:Chicago Fed Looks at Higher Ed and Economic Growth
It is no coincidence that every article in this issue of the SSTI Weekly Digest touched on some aspect of higher education's role in promoting economic growth. Knowledge-based economies driven by innovation require strong and successful institutions of higher learning. Those same types of economies, particularly when applied on a global scale, present unique challenges to sustaining educational and research excellence with academia based on older models of financing and leadership.
Illinois Uses Executive Order to Fund Stem Cell Research
While some state legislatures debate banning public funds for some or all stem cell research, others are using whatever funding tools they have available to advance the controversial science. Some states use tobacco settlement money, others use revenue bonds, and still others use direct appropriations. Some states use voter referenda while most stay within the traditional state legislative process. The newest twist comes from Illinois, where Illinois Gov.
New Jersey Senate Approves $150M for Stem Cell Facility
Just over two months ago, Acting Gov. Richard Codey announced budget shortfalls were delaying the state's $380 million stem cell research initiative (see the April 25 issue of the Digest).
Illinois Creates $60 Million Tech VC Fund
The Illinois General Assembly has passed legislation to encourage venture capital investment in technology businesses across the state. HB3212 creates the Technology Development Fund, which permits the State Treasurer to use up to 1 percent of the state's total investment portfolio for equity investments through Illinois venture capital firms.
New Jersey Creates Commission on Jobs, Growth and Economic Development
To help make his state a leader in research, development and innovation, New Jersey Governor James McGreevey recently signed an executive order establishing the Commission on Jobs, Growth and Economic Development. Highlighting the state's strengths but calling for it to move forward, even with a $5 billion budget shortfall looming, the governor said the commission is needed to put New Jersey in position to be more competitive.
Illinois Governor's Budget Outlines TBED Activities
Speaking to a joint session of the House and Senate, Illinois Governor Rod Blagojevich recently presented his first budget, one that addresses a $5 billion budget crisis.
Specialized Tech Incubators and Research Parks Hope to Build Clusters
Several recent project announcements highlight communities using incubators and research parks, some of the tools for technology-based economic development, in specialized formats to capitalize on existing strengths and nurture additional growth of clusters of related tech firms. Such targeted approaches can help to focus other TBED activities for additional benefits.
People in TBED
Illinois Governor Rod Blagojevich has nominated Jack Lavin to run the newly named Department of Commerce and Economic Opportunity. The agency was formerly called the Department of Commerce and Community Affairs. Lavin was chief financial officer for Rezco Enterprises.
New Regional Centers for Biodefense Research Awards Total $350M
Approximately $350 million in grants recently awarded by one of the nation's leading biodefense research agencies are intended to lessen the effects of any future bioterror attack. Administered by the National Institute of Allergy and Infectious Diseases (NIAID), the funding will be spread over five years for establishing eight Regional Centers of Excellence for Biodefense and Emerging Infectious Diseases Research (RCEs).
People
John Tesoriero has left the New Jersey Commission on Science & Technology to become Associate Director of the Center for Advanced Information Processing at Rutgers University. David Eater is Acting Executive Director for the Commission as a search is conducted for a permanent replacement.
Illinois Governor Regionalizes ED Efforts
In mid-September, Governor Rod R. Blagojevich unveiled a new approach to economic development in Illinois– regionalism. While several other states currently use or have explored a regionalized approach to delivering state economic development services, the concept is new for Illinois.