ENROLLED
ACT No. 476
2022 Regular Session
HOUSE BILL NO. 786
BY REPRESENTATIVES WILLARD, ADAMS, BACALA, CARRIER, DAVIS,
DUBUISSON, DUPLESSIS, FREEMAN, HILFERTY, ILLG, JORDAN, KERNER,
LYONS, MARCELLE, NELSON, NEWELL, PRESSLY, THOMAS, THOMPSON,
BOYD, BUTLER, WILFORD CARTER, CORMIER, DESHOTEL, EDMONDS,
FISHER, GAINES, GLOVER, GOUDEAU, GREEN, HUGHES, JEFFERSON,
JENKINS, TRAVIS JOHNSON, LAFLEUR, LANDRY, LARVADAIN,
MCFARLAND, DUSTIN MILLER, PIERRE, SCHAMERHORN, SELDERS,
STAGNI, AND WHITE
1 AN ACT
2 To amend and reenact R.S. 51:2312(A)(1) and to enact R.S. 51:2401, relative to certain
3 small business grants; to provide for the authority of the Department of Economic
4 Development; to create the Small Business Innovation Retention Fund; to provide
5 for uses of monies in the fund; to provide for eligibility of applicants; and to provide
6 for related matters.
7 Be it enacted by the Legislature of Louisiana:
8 Section 1. R.S. 51:2312(A)(1) is hereby amended and reenacted and R.S. 51:2401
9 is hereby enacted to read as follows:
10 §2312. Powers and authority; duties
11 A. The corporation shall serve as the single review board for all financial
12 assistance, loans, incentives or inducements, customized workforce training,
13 investment programs, and any related appropriations, grants, or joint ventures
14 administered by the Department of Economic Development, excluding those
15 financial incentive programs administered by the State Board of Commerce and
16 Industry. The corporation shall formulate and implement the policies for the
17 delivery of services to obtain the following effects:
18 (1) The support of innovative private sector research and development
19 activities by Louisiana businesses intended to generate commercial products,
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1 processes, or services by providing matching funds to those Louisiana small
2 businesses that will apply for or have received federal Small Business Innovative
3 Innovation Research (SBIR) Phase I or Small Business Technology Transfer (STTR)
4 grant funds, for such federal applications submitted or received after January 1,
5 2023.
6 * * *
7 §2401. Small Business Innovation Retention Fund; purpose; program administration
8 A. There is hereby created in the state treasury, as a special fund, the "Small
9 Business Innovation Retention Fund", hereinafter referred to as the "fund".
10 B. The monies in the fund shall be used to provide financial assistance to
11 certain Louisiana businesses that have received certain Small Business Innovation
12 Research, hereinafter referred to as "SBIR", or Small Business Technology Transfer,
13 hereinafter referred to as "STTR", federal grants.
14 C. After compliance with the requirements of Article VII, Section 9(B) of
15 the Constitution of Louisiana relative to the Bond Security and Redemption Fund,
16 all monies received for the purpose of the fund shall be deposited into the fund.
17 D. Monies in the fund shall be invested in the same manner as monies in the
18 general fund. Interest earned on investment of monies in the fund shall be credited
19 to the fund. Unexpended and unencumbered monies in the fund at the end of the
20 fiscal year shall remain in the fund.
21 E. Subject to appropriation and the provisions of this Section, monies in the
22 fund shall be used by the Department of Economic Development, hereinafter referred
23 to in this Section as the "department", for awarding grants to selected applicants. The
24 department shall establish criteria for grant eligibility, provide for an application
25 process, and select eligible Louisiana business applicants to receive monies from the
26 fund.
27 F. Up to one million one hundred five thousand dollars shall be annually
28 disbursed from the fund as follows:
29 (1) Up to five hundred thousand dollars shall be allocated for Phase I SBIR
30 or STTR federal grant recipients. Each selected applicant shall receive an amount
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1 equal to twenty-five percent of the Phase I SBIR or STTR federal grant the applicant
2 has received, not to exceed fifty thousand dollars per applicant.
3 (2) Up to five hundred thousand dollars shall be allocated for Phase II SBIR
4 or STTR federal recipients. Each selected applicant shall receive an amount equal
5 to twenty percent of the Phase II SBIR or STTR federal grant the applicant has
6 received, not to exceed one hundred thousand dollars per applicant.
7 (3) Up to one hundred five thousand dollars per year shall be allocated for
8 the department for as long as the department administers grants from the fund.
9 (4) Each grant awarded pursuant to this Section shall be divided into two
10 equal amounts and shall be disbursed to the selected applicant over a period of two
11 consecutive years.
12 Section 2. This Act shall become effective upon signature by the governor or, if not
13 signed by the governor, upon expiration of the time for bills to become law without signature
14 by the governor, as provided by Article III, Section 18 of the Constitution of Louisiana. If
15 vetoed by the governor and subsequently approved by the legislature, this Act shall become
16 effective on the day following such approval.
SPEAKER OF THE HOUSE OF REPRESENTATIVES
PRESIDENT OF THE SENATE
GOVERNOR OF THE STATE OF LOUISIANA
APPROVED:
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