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2015 SESSION
SB 1038 Investment in research and technology; changes to CRCF, adding federal research facility.
Introduced by: Emmett W. Hanger, Jr. | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED SENATE:
Investment in research and technology. Makes changes to the Commonwealth Research Commercialization Fund (CRCF), including adding a federal research facility located in the Commonwealth to the list of entities eligible to apply for a grant, and clarifies that the length of time that a business has been incorporated does not affect an entity's eligibility for an award. The bill provides for the Innovation and Entrepreneurship Investment Authority (IEIA) to consult with the Secretary of Technology on the guidelines developed for the administration of the CRCF. The bill also transfers the authority to appoint the five citizen members of the Research and Technology Investment Advisory Committee from the IEIA to the Governor and the General Assembly.
SUMMARY AS INTRODUCED:
Investment in research and technology. Makes changes to the Commonwealth Research Commercialization Fund (CRCF), including adding a federal research facility located in the Commonwealth to the list of entities eligible to apply for a grant, and clarifies that the length of time that a business has been incorporated does not affect an entity's eligibility for an award. The bill requires that the Secretary of Technology approve the guidelines developed by the Innovation and Entrepreneurship Investment Authority (IEIA) for the administration of the CRCF. The bill also transfers the authority to appoint members to the Research and Technology Investment Advisory Committee from the IEIA to the Governor and streamlines membership criteria.