(Lincoln, Neb.) Gov. Dave Heineman today outlined a series of legislative proposals being pursued this year to advance business innovation and workforce recruitment efforts in Nebraska. The four legislative bills making up the Talent and Innovation Initiative were introduced in the Nebraska Legislature last week as part of the Governor's budget recommendations.
"The Talent and Innovation Initiative is about enhancing the level of business specialization and attracting new, advanced companies to Nebraska," Gov. Heineman said. "We want to help the private sector grow. This is about job opportunities. The idea for this initiative came from the Department of Economic Development, Nebraska business leaders and a series of recommendations in the Battelle study released last September. We've taken the suggestions and evaluated them in the context of our existing economic development programs."
Aimed at enhancing Nebraska's economic momentum, the Talent & Innovation Initiative includes four proposals:
LB 386, the Nebraska Internship Program aims to increase the number of college and university students interning with Nebraska businesses. Funded with $1.5 million annually in redirected job training funds and a 100 percent match from companies creating new internships, the program would provide job experience for juniors and seniors at the state's four-year institutions or students in their second year at a Nebraska community college.
Grants of up to $3,500 in metro areas or $5,000 in non-metro areas would be awarded on a first-come, first-serve basis to companies creating new internship opportunities, with no more than five grant-qualified interns each year at any one business. Internships would pay at least minimum wage and could range from 12 weeks to year-long programs.
LB 387, the Business Innovation Act would provide competitive grants for private sector research at Nebraska institutions, technical assistance in new product development and testing, and help expand small business and entrepreneur outreach efforts. The effort will be paid for with $1.5 million in redirected funds and $5.5 million in new funding.
The proposal would expand Small Business Innovation Research programs, including offering grants for application development, and provide funding to help with prototype development, commercialization, and applied research at Nebraska institutions. Additionally, it would provide assistance for microenterprise projects.
LB 388, the Site & Building Development Fund would increase the number of industrial and commercial sites available and ready for business development using $3 million in redirected resources and at least a one-to-one match from communities. An estimated $1.5 million in annual funding would come from directing a portion of the Real Estate Document Stamp fee paid for projects other than housing development.
Funding could be distributed as grants, loans and credit enhancements to help with demolition, new construction and rehabilitation. State funding would be focused on land and infrastructure costs with 40 percent of funding going to non-metro areas.
LB 389, the Angel Investment Tax Credit would encourage investment in high-tech and other startup enterprises in Nebraska by providing refundable state income tax credits to qualified investors investing in qualified early-stage companies. The program would be capped at $5 million annually, with $3 million coming from redirected funds and $2 million in new funding.
The minimum investment would be $25,000 per year for individuals and $50,000 for investment funds. Eligible small businesses would have fewer than 25 employees, the majority of whom live and work in the state.
The Talent & Innovation Initiative is based on recommendations provided in a 2010 comprehensive review of Nebraska's economic climate by the Battelle Technology Partnership Practice and findings of the Legislature's Innovation and Entrepreneurial Task Force
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