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2009 SESSION

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HB 2444 Bioscience and technology-related development; Economic Development Partnership promote biosciences.

Introduced by: Mark D. Sickles | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED HOUSE:

Bioscience and technology-related development in the Commonwealth. Changes the Commonwealth Technology Research Fund (CTRF) to the Commonwealth Research Commercialization Fund (CRCF). The CRCF establishes three new categories of awards: (i) a matching fund program to small Virginia-based technology companies that secure a federal Small Business Innovation Research Program (SBIR) or Small Business Technology Transfer Program (STTR) award; (ii) a matching fund to universities to leverage federal and private dollars for the commercialization of qualified research; and (iii) a loan program that would provide loans to universities and political subdivisions that seek to provide lease guarantees or letters of credit for the construction of facilities utilized in commercializing qualified research. The details of each of these programs will be developed by the Innovative Technology Authority (Authority) in conjunction with the Virginia Economic Development Partnership (VEDP) and the State Council on Higher Education for Virginia. However, no award from the Fund may be provided if the otherwise qualified business performs research on human cells or tissue derived from induced abortions, or from stem cells directly obtained from human embryos; excluding research conducted using stem cells other than embryonic stem cells. Additionally, no moneys from the Fund may be provided for conducting research on cells or tissues derived from induced abortions on humans, or to an entity that conducts such research in Virginia. The bill, as introduced, was a recommendation of the Joint Subcommittee Studying Biosciences and Biotechnology in the Commonwealth (HJ 248).

SUMMARY AS INTRODUCED:

Bioscience and technology-related development in the Commonwealth. Requires the Virginia Economic Development Partnership to promote biosciences research and industry in the Commonwealth in order to better compete with similar efforts in neighboring states. The bill also changes the Commonwealth Technology Research Fund (CTRF) to the Commonwealth Research Commercialization Fund (CRCF). The CRCF establishes three new categories of awards: (i) a matching fund program to small Virginia-based technology companies that secure a federal Small Business Innovation Research Program (SBIR) or Small Business Technology Transfer Program (STTR) award; (ii) a matching fund to universities to leverage federal and private dollars for the commercialization of qualified research; and (iii) a loan program that would provide loans to universities and political subdivisions that seek to provide lease guarantees or letters of credit for the construction of facilities utilized in commercializing qualified research. The details of each of these programs will be developed by the Innovative Technology Authority (Authority) in conjunction with the Virginia Economic Development Partnership (VEDP) and the State Council on Higher Education for Virginia. This bill is a recommendation of the Joint Subcommittee Studying Biosciences and Biotechnology in the Commonwealth (HJ 248).