2012 Legislative Priorities
Promote State Biotechnology Competitiveness – In order to make Florida more competitive with other states, BioFlorida supports the creation of tax incentives to attract more biotechnology companies to the state. BioFlorida supports the following incentives to spur growth of Florida’s biotechnology industry.
- State Specific Research and Development Tax Credit Program. Reauthorize a state specific research and development (R&D) tax credit program that was adopted in 2011. The program spurs high-wage, sustainable job growth that mirrors the federal tax credit program.
- Monetizing Net Operating Losses. Create a corporate business tax transfer program to assist new or expanding emerging technology and biotechnology companies.
Fund the Institute for the Commercialization of Public Research (Institute) – The Institute helps investors and entrepreneurs identify new investment opportunities based on technologies developed through publicly-funded research. The Institute oversees two programs that offer grant opportunities to qualified companies. BioFlorida recommends an appropriation of $20 M to ensure the continuation and expansion of the Institute’s grant programs.
- Seed Fund
Seed-stage and early-stage companies rely on investment dollars. Without support, these companies cannot complete the tasks required to bring a product or technology to market and often fail. The Institute offers loans to qualified seed-stage and early-stage companies on a matching basis to help them launch their technology through its Seed Fund.
- Commercialization Matching Grants Program
The federal government allocates more than $2 billion annually to two highly competitive programs that encourage start-up businesses to capitalize on commercialization opportunities: the Small Business Innovation Research (SBIR) Program and the Small Business Technology Transfer (STTR) Program. The Institute provides matching grant funds to qualified companies who have applied for, or are recipients of Phase I and Phase II SBIR and STTR federal grants.
Fund Basic Research Programs – BioFlorida encourages the preservation and funding of Florida’s Centers of Excellence at our state research universities; Florida CURED Program; James and Esther King Biomedical Research Program and Bill Bankhead and David Coley Biomedical Research Program.
Fund the Innovation Incentive Fund – BioFlorida supports the continuation and expansion of funding for the Florida Innovation Incentive Fund, which provides opportunities for the state to grow its biotechnology industry by investing in large-scale biotechnology and life sciences projects. Scripps, Torrey Pines, Max Planck, Sanford-Burnham are all recipients of Innovation Incentive funding.