SF 228 – Bioscience Development Corporation
SF 228 is a recommendation by the Iowa Economic Development Authority. It cleans up Code language relating to the definitions in the Targeted Small Business Program. It also replaces the Iowa Innovation Corporation, which was created in 2011, with the Iowa Bioscience Development Corporation (IBDC). This new corporation’s structure as a non-profit and purpose is similar to the current Iowa Innovation Corporation. The Bioscience Development Corporation will be tasked with enhancing bioscience-based economic development. The corporation will focus on vaccines and immunotherapeutics; bio-based chemicals; precision and digital agriculture; and medical devices and medical diagnostics.
The proposal changes the number of members and type of members on the Innovation Council (which is different than Innovation Corporation). The membership for those who are representatives from targeted industry businesses increases by seven members. The membership of those who serve on the Technology Commercialization Committee and then serve on the Iowa Innovation Corporation is reduced by seven members. It does NOT change such programs and funds as the Innovation and Commercialization Development Fund or the Strategic Infrastructure Fund. The Governor recommends a new general fund appropriation of $2 million for a joint effort by Iowa State University and the University of Iowa for a Biosciences Innovation Ecosystem but no appropriation is in this policy bill.
[4/25: 49-0 (Absent: Chapman)]