State Rep. Tom Sannicandro, one of Framingham's representatives, spoke on the House floor Wednesday to urge his colleagues to create an Innovation Investment Fund that would leverage $50 million in research and development grants.
The Innovation Investment Fund is a key component of the omnibus jobs and economic development bill that passed the House on Wednesday.
“Investment in research and development leads to economic development and job growth,” Sannicandro said in a press release. “It creates new technologies, licensing agreements, and spin-off companies. This bill will lead to innovation and investment in the industries of the future. It is a great step forward in creating high quality jobs for decades to come.”
In addition to the Fund, the House jobs bill (H.4110) also invests in infrastructure and streamlines permitting. The bill includes:
- creation of a Local Infrastructure Development Program that helps cities and towns leverage private funding to finance infrastructure projects for economic development;
- the extension of state and local permits for another two years, which will allow developers who have been unable to proceed with their projects because of tight credit markets time to move forward;
- the creation of a small business online portal offering businesses information on loan programs, business counseling, technical assistance, tax information, permitting information, and sources of regulatory relief;
- the Small Business Loan Review Boards offering more feedback when a business loan is denied;
- the creation of a manufacturing grant program to promote the advancement of the Commonwealth’s manufacturing agenda for small and midsize enterprises looking to grow;
- the creation of the Community Investment Tax Credit program, which competitively provides a special donation tax credit for contributions made to select community improvement efforts.