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Advanced Industry Acceleration Programs

Concerning changes to the advanced industry acceleration programs.
2023 Regular Session
Business & Economic Development
Bill Summary

The act extends the advanced industry export acceleration program, which was scheduled to end on January 1, 2025, and the advanced industries acceleration grant program, which was scheduled to end on July 1, 2024, 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 act extends this funding mechanism by 2 years.

Additionally, the advanced industry export acceleration program allows a qualifying business that meets certain eligibility criteria to receive an international export development expense reimbursement. The act removes the eligibility criterion that requires a qualifying business to show a profit during the last fiscal year.

APPROVED by Governor May 17, 2023

EFFECTIVE August 7, 2023

NOTE: This act was passed without a safety clause and takes effect 90 days after sine die.
(Note: This summary applies to this bill as enacted.)


Became Law


Bill Text

The effective date for bills enacted without a safety clause is August 7, 2024, if the General Assembly adjourns sine die on May 8, 2024, unless otherwise specified. Details