Banking Commerce and Insurance

Enterprise fund proposed

Businesses could apply for economic incentives under a bill considered by the Banking, Commerce and Insurance Committee Feb. 3.

LB1010, introduced by Fremont Sen. Charlie Janssen, would create the Nebraska Enterprise Fund. Janssen said the bill could help Nebraska entice companies to locate in the state.

“If a new company has narrowed down its choice for a new location, it could ensure Nebraska is chosen over another site,” he said. “We need to do everything we can to invest in the businesses that have invested in us.”

Any money appropriated by the Legislature to the fund could be used only for economic development, infrastructure development, community development, job training programs and business incentives. The governor would be permitted to negotiate on behalf of the state to award grants from the fund.

Giovanni Infante-Still of Blair testified in support of the bill, saying this type of incentive makes a real difference for a company looking to relocate.

“It gives Nebraska a real point of differentiation that is not a backside tax incentive,” he said. “It provides funding when it is needed, at the point when the deal is closing.”

No one testified in opposition to the bill and the committee took no immediate action on it.

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