6/4/2007
Update on Emerging Technology Fund in the Texas Legislation
Update on Emerging Technology Fund in the Texas Legislation
The reauthorization of the Texas Emerging Technology Fund, House Bill 1188, passed and is awaiting Governor Perry's signature. This will give the state options on how to invest in emerging growth companies. This bill will set aside money to match in the support of 7 regional centers of innovation and commercialization around the state.
The legislature agreed to rollover into the next fiscal biennium the unexpended balance from this year's biennium and to add money sufficient to at least capitalize ETF Fund II at a minimum of $180 million. Currently the state has earmarked over $100 million in Fund I and is entering it's 7th round of considering applications for funding.
North Texas has been the beneficiary of millions of dollars in investments in emerging growth companies like Hanson Robotics, Optisense, Photodigm and public universities like UNT, UTD, and UTA to recruit world class research talent. For more information about funding opportunities thru the emerging technology fund contact the North Texas Regional Center for Innovation and Commercialization at 972-883-4920 or visit www.ntxrcic.org.
The MTBC and other leading tech organizations in Texas were not as successful in getting the legislation approved to implement a sales tax exemption on the purchase of R&D equipment, even by spreading the phase-in of the exemption over 5 years. The loss of tax revenue to the state was considered too high. The coalition urging the adoption of this exemption will recalibrate this exemption for the next legislative session.
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