As Joe warned earlier today, an alarming proposal to create a new taxpayer-funded benefit for targeted biotech companies is heard for a final Senate vote today. Senate Bill 580, “N.C Life Science Development Corporation Act,” would create a special loan fund.
Sen. Eddie Goodall, R-Union, says five or more states have similar funds. Who will be the investors? Taxpayers will assume the risk.
Senate Majority Leader Tony Rand says: “Secretary Tolson is in charge, and he’ll be sure the people’s interest is protected.” We need this for jobs.
The bill passes third reading, 39-4 with Sens. Andrew Brock, R Davie; Don East, R-Surry; Neal Hunt, R-Wake; and Eddie Goodall, R-Union, voting no.
This is a new slush fund that would guarantee returns with state tax credits for investors in selected start-up companies. No one knows where the money will come from or how much it will cost the taxpayer.
Cost the taxpayer? Oh, who cares? Apparently not the Senate.
The bill now goes over to the House. We’ll see if anybody over there cares about the taxpayer.
Don’t hold out a lot of hope. These are the same folks fighting over $1.6 billion in tax increases.
