Maryland: Biotechnology Investment Tax Credit Program
Maryland's 2005 Biotechnology Investment Tax Credit program, HB 664, provides income tax credits for individuals, corporations and qualified Maryland venture capital firms that invest in qualified Maryland biotechnology companies. The value of the credit is equal to 50% of an eligible investment made to a qualified Maryland company during the taxable year. The maximum amount of the credit cannot exceed $50,000 for individual investors and $250,000 for corporations and qualified Maryland venture capital funds. A qualified Maryland biotechnology company has its headquarters and base of operations in the state, has fewer than 50 employees, and has been in active business no longer than 10 years. A qualified venture capital firm has at least two principals who each have at least 5 years of venture capital experience and has its principal place of operation in Maryland.
Missouri: New Enterprise Creation Venture Fund Tax Credit
Missouri's New Enterprise Creation Tax Credit, HB 664, offers a $20 million pool of 100 percent tax credits to individual and corporate investors in venture funds that are approved by the Missouri Seed Capital Investment Board.
Oregon University Venture Development Fund
Oregon's University Venture Development Fund, authorized by the state legislature in 2007, allows the state's taxpayers to receive a 60 percent income tax credit on contributions that will be applied toward commercialization and entrepreneurial programs at Oregon's eight public universities. The fund will enable an aggregate $14 million to be provided to the universities, with each institution's allocation formulated by its annual income from research grants and contracts.
Kentucky SBIR Matching Fund
House Bill 422 passed in 2006 authorizing the Kentucky Economic Development Finance Authority to match federal Small Business Innovation Research and Small Business Technology Transfer awards to high-tech companies in Kentucky. This includes matching awards of up to $100,000 to support Phase I exploration of the technical merit or feasibility of an idea or technology. Phase II federal awards, which support full-scale research and development, would be matched by the commonwealth up to $500,000.
4. Bioscience Workforce Initiatives
Attracting and retaining a continuing flow of educated (Ph.D., MS, BS, AA) and technically proficient workers is essential to a state aspiring to enhance bioscience industry presence. In this global economy, nearly every competitor has access to breakthroughs in technology and to the equipment and capital to produce standardized products. It is those regions however, that possess the human capital with its insights and competencies, experiencing a competitive advantage. Conversely, if a state does not have an indigenous bioscience industry, it is difficult to retain those individuals receiving science and technical degrees from state universities.
To assist with expanding their state's labor pool, many state legislatures are looking to community colleges to create two-year associate degree programs and on-site training to better reflect the changing needs of the various sectors of the bioscience industry. These new efforts have strengthened the communication lines between the industry and academia to speed access to vital human capital needed for success in the marketplace. Below are examples of state bioscience workforce initiatives:
North Carolina: The Golden LEAF
The North Carolina Legislature approved a law in 1999 that placed tobacco settlement payments into three separate trust funds. One of the trust funds created is the Golden LEAF (Long-term Economic Advancement Foundation). In 2003, The Golden LEAF Foundation's board committed $60 million to create a statewide training program for biomanufacturing workers. This grant combined with $4.5 million from the North Carolina Biosciences Organization provided the North Carolina State University in Raleigh with $36 million to construct a biomanufacturing facility to train workers. In the 2007, Golden LEAF awarded $750,000 to construct and operate a modular biodiesel testing facility at Appalachian State University.