The new but not different Life Science Development Loan bill, now Senate Bill 530, is taken up on the Senate floor. Bill sponsor, Sen. Tony Rand, D-Cumberland, says that this is a bill they previously considered, the language is the same and they need to ?do it again.? Sen. Eddie Goodall, R Mecklenburg raises constitutional questions. Sen. David Hoyle, D Gaston, says their staff has looked at the constitutional issues and does not believe there is a problem. He says the state already issues refundable credits to NUCOR and the film credits are refundable. Sen. Andrew Brock, R-Davie, asks if members of the legislature can invest in the fund. Hoyle says no one except Sen. RC Soles has the qualifying $100 million so would not be able to invest in the fund. Sen. Harris Blake, R Moore expresses concerns that the fund would compete against private investment firms and would enjoy a competitive advantage because the government would subsidize the NC Biotech Center?s fund. Hoyle is not concerned.
The bill passes 37-6. The House will take it up Monday.
Another new but not different bill, Senate Bill 884, a re-birth of last night?s Senate Bill 825 which attempted to give $9 Million dollars to a paper plant company is also brought to the Senate floor. With little explanation other than removing contract employees and reducing the amount of taxpayer money to be given away ? now down to a paltry $8 Million, Sen. Clark Jenkins, D-Edgecombe says this is similar to bills they?ve already looked at. The House defeated this bill last night, twice. The vote on the bill today in the Senate is 36-6. Goes back to the House for a final vote Monday.
