Friday, January 09, 2009

NVTC Releases Legislative Agenda

The NVTC released their 2009 Virginia General Assembly Legislative Agenda. Here are some highlights where VaBIO has been working with them:

• Preserve the $30 million plus in directed research funds appropriated this fiscal year as the final installment in the 3-year $100 million plus university research package.

• Narrow the scope of the Angel Investment Tax Credit by limiting eligibility to investments in small Virginia-based technology, biotechnology, life sciences, university spinoffs and alternative energy start-ups, to target industries with strong potential for statewide economic growth and job expansion.

• Increase non-state research funding at Virginia universities through (a) expanded efforts to secure federal funding of basic research and (b) identify opportunities to provide research services (as opposed to transferring IP) to large corporations. Longer term, explore opportunities to keep companies better informed of the research being performed at Virginia universities and to improve the pace and amount of technology transferred between universities and industry.

• Restructure the Commonwealth Technology Research Fund (CTRF) to provide for targeted state research investment on a competitive basis with an emphasis on collaborative research initiatives between universities and the private sector with high potential for intellectual property commercialization and job creation.

• Update Virginia’s sales and use tax exemption for research equipment to reflect current research practices and activities and to elevate Virginia’s competitive research environment. While not as competitive as the R&D tax credits offered by many states, a more meaningful tax exemption for research will help attract more private research activity.

• Restore budget cuts to CIT’s successful GAP Fund which has earned national recognition for its efforts in encouraging Virginia entrepreneurs and innovative technology start-up companies to locate and grow within the Commonwealth by investing in seed-stage firms and university spinoffs with a high potential for successful commercialization, rapid growth and downstream private equity financing.

For more information, please click here.

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