Two Democrats from Ohio’s House of Representatives have reintroduced a bill that would expand the size of a state-backed venture capital program.
House Bill No. 43 would increase by $170 million the value of tax credits that can be issued by the Ohio Venture Capital Authority (OVCA) to $550 million. A similar proposal passed the House by a vote of 98-0 in the state’s last legislative session, but didn’t make it to a vote in the Senate.
The OVCA expansion bill is a high priority for the state’s biomedical industry. The OVCA program makes it easier to recruit out-of-state venture firms to set up offices in Ohio, said Baiju Shah, president of Cleveland-based biomedical advocacy group BioEnterprise. Shah mentioned the OVCA expansion proposal earlier this month when asked about the industry’s top state legislative priorities in 2011.
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