The long-awaited announcement of the Senate initial version of the budget came late
last week. In it, there are several technology-related issues that were either included or dropped from the bill, as well as some funding amounts also reduced from the House version:
- Transferability of the Venture Capital Tax Credit was deleted. The Chamber would like to see it included to increase the flow of venture capital funds for promising qualified businesses.
- Funding of the 21 Fund (21st Century Research and Development Fund) remains at $20 million a year. The Chamber prefers $30 million a year.
- Funding to backstop the initiation of direct flights to Europe was reinstated, although it is $4 million rather than $10 million over the two years. A good start.
- Funding for the Management Performance Hub (MPH) was reduced to $6 million for two years, which is less than what the House reduced from the Governor’s original amount.
- Keeps $20 million for the two years for the Indiana Biosciences Research Institute
- Removed the Next Level Trust Fund, which would have provided investment guidelines and supervision to direct a portion of the Major Moves Trust Fund to invest in promising Indiana opportunities.
- It allocates $1 million for the biennium for the Launch Indiana program.
We will work to keep the things we like in the bill and try to restore other items that were reduced or removed as it advances through the Senate and goes to conference committee. The Chamber will continue to educate legislators on these important economic development priorities currently in the bill.