The Nebraska legislature will soon discuss LB 555, a bill that would provide greater research and development incentives for private businesses. The bill encourages interaction between higher education and businesses to produce products that will keep Nebraska’s economy competitive.
“It is important to enhance and build on an innovation economy,” said Bruce Bohrer, executive vice president and general counsel at the Lincoln Chamber of Commerce.
Bohrer hopes the bill will be debated and passed this session. Senator Health Mello of District 5 also hopes to discuss LB 555 this session and has designated it as his priority bill. Bohrer discussed the “high value return” that would result from the legislation. In order to keep Nebraska competitive, he said, legislators need to build for the future. In order to build a brighter future, the bill urges private business to interact with university and other higher education students and faculty. In our current economic crisis, Bohrer said, businesses need to embrace partnerships.
Companies currently receive a refundable tax credit equal to three percent of their eligible annual research and development expenses. Some law makers would like to increase the refundable research and development credits to seven percent for those businesses that work with Nebraska educational institutions and government.
The National Science Foundation found that Nebraska research and development investment is lower than most in the region. If Nebraskan firms were performing research and development innovation activities at the same level as Iowan firms, Nebraskans would be investing an additional $210 million per year.
“The Lincoln Chamber of Commerce is very lucky to have the University of Nebraska Technology Park, Bio Nebraska and other organizations to help in our efforts,” said Bohrer. “We have a whole list of people who are involved. It isn’t just Lincoln and Omaha who care about this, it is really an effort made by the whole state.”
Learn more:
Visit the official site of the Nebraska Unicameral Legislature at www.nebraskalegislature.gov for more information. The Web site also provides the legislative calendar to view scheduled bill hearings, floor agendas and committee hearings.