Advanced Industry Acceleration Programs

Currently, the advanced industry export acceleration program ends on January 1, 2025, and the advanced industries acceleration grant program ends on July 1, 2024. The bill extends both programs by 10 years. Through March 1, 2023, the state treasurer annually credited to the advanced industries acceleration cash fund an amount equal to one-half of the bioscience and clean technology income tax withholding growth. The bill extends this funding mechanism by 2 years.

Additionally, the advanced industry export acceleration program allows a qualifying business to receive an international export development expense reimbursement. To be eligible for the expense reimbursement under current law, a qualifying business must meet certain eligibility criteria. The bill removes the eligibility criterion that requires a qualifying business to show a profit during the last fiscal year.

(Note: Italicized words indicate new material added to the original summary; dashes through words indicate deletions from the original summary.)

(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)