Bill > HB225

This bill establishes an "innovation and entrepreneurship commission" composed of eleven members appointed by legislative leaders, the governor, and university presidents, with specific representation from national laboratories, higher education, business owners, and the public, ensuring no more than six members belong to the same major political party. The commission's duties include fostering partnerships between educational institutions, national labs, and small resident businesses, improving access to capital for technology-focused small businesses, and submitting an annual report with recommendations to legislative committees, the governor, and university presidents. A "small resident business" is defined as an independently owned business with fifty or fewer employees that meets certain criteria regarding tax payments or property ownership/lease in the state for at least three years, or for new/relocated businesses, specific residency and property requirements. Commission members will serve without compensation but will be reimbursed for per diem and mileage, and the bill takes effect on July 1, 2015.