LINCOLN, Neb. (April 7, 2014)—The sunset on Nebraska’s Business Innovation Act was extended five years following a unanimous 44-0 vote on LB 1114 in the state legislature on March 27.

Gov. Dave Heineman signed the bill into law on Wednesday, April 2.

Co-sponsored by Heath Mello of Omaha and Galen Hadley of Kearney, LB 1114 extends the Business Innovation act from its original expiration date by five years to Dec. 1, 2021.

First passed in 2011, the Business Innovation Act created a mechanism for the state to provide funding and assistance to small or new Nebraska companies that need financial help with critical research or with building expensive prototypes.

The extension includes a provision for creating a fund to study best practices and research other methods to “support and increase venture capital in Nebraska.” The measure also earmarks $50,000 to create a “High Growth Business Development Cash Fund” to pay for the commissioned study.

Earlier this year, Michael Dixon, the president and CEO at UNeMed, testified in support of the bill before the Appropriations Committee on Feb. 19.  Mello, LB 1114’s co-sponsor, also chairs the committee.

The legislature also passed—and the governor signed—the companion appropriations bill, LB 1114A, which funds the mandated study.

Five members were listed as absent, and did not vote on LB 1114. They were Sens. Ernie Chambers of Omaha, Al Davis of Cherry County, John Harms of Scottsbluff, Charlie Janssen of Fremont, and Scott Latenbaugh of Omaha.