Nebraska 2023-2024 Regular Session

Nebraska Legislature Bill LB617

Introduced
1/17/23  
Refer
1/19/23  

Caption

Create the Economic Development Cash Fund to award a grant relating to the federal Creating Helpful Incentives to Produce Semiconductors (CHIPS) for America Act

Impact

The introduction of LB617 has the potential to significantly impact state laws concerning economic investment and development. By establishing a dedicated fund for semiconductor-related initiatives, the bill seeks to streamline the process for businesses to receive financial support. This could lead to more rapid development in technology sectors and job creation, insulating the state against broader economic fluctuations. Moreover, the bill aligns state investment strategies with federal initiatives, potentially amplifying funding opportunities and collaboration with the federal government.

Summary

LB617 aims to establish the Economic Development Cash Fund, which is designed to provide financial grants in alignment with the federal Creating Helpful Incentives to Produce Semiconductors (CHIPS) for America Act. This bill represents a strategic effort to bolster economic development within the state, particularly in relation to the semiconductor industry. By creating this fund, the state intends to encourage investments in local semiconductor production, thereby enhancing the state's competitiveness in a critical sector of the economy.

Contention

While LB617 aims to foster economic growth, it also raises questions regarding the allocation of state resources and management of the proposed fund. There are concerns from some legislative members regarding the potential influence of large corporations in accessing these grants. Critics may argue that without stringent oversight, the fund could favor certain industries or companies over others, which could lead to an uneven economic landscape. The balance between encouraging innovation and ensuring fairness in funding distribution is expected to be a key topic of discussion in the legislative process.

Companion Bills

No companion bills found.

Previously Filed As

NE LB616

Provide for awards under the ImagiNE Nebraska Act relating to the federal Creating Helpful Incentives to Produce Semiconductors (CHIPS) for America Act

NE LB1079

Appropriate Federal Funds to the Department of Economic Development

NE HB1729

Revised for 1st Substitute: Creating and expanding tax incentives for the research, development, deployment, production, and sale of hydrogen fuel products in Washington state.Original: Creating and expanding tax incentives for the research, development, production, and sale of hydrogen fuel products in Washington state.

NE SB5091

Revised for 2nd Substitute: Creating and expanding tax incentives for the research, development, production, and sale of hydrogen fuel products in Washington state.Original: Creating and expanding tax incentives for the research, development, production, and sale of hydrogen fuel cells in Washington state.

NE HB1057

Promoting economic development by increasing support for local communities to access federal funds.

NE LB573

Appropriate funds to the Department of Economic Development for a time-limited grant program

NE HB1870

Promoting economic development by increasing opportunities for local communities to secure federal funding.

NE LB897

Appropriate funds to the Department of Economic Development for a workforce housing grant program

NE LB290

Change provisions relating to grant funding for a business park under the Economic Recovery Act

NE LB682

Appropriate funds to the Department of Economic Development

Similar Bills

No similar bills found.