October 18-20 | Tucson, AZ

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Governor rejects Invest Georgia seed funding

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October 18-20, 2023 / Tucson, AZ
The annual summit for research institution gap fund and accelerator programs, including proof of concept programs, startup accelerators, and university venture funds

The Story

Gov. Nathan Deal vetoed 11 bills Tuesday, including long-sought legislation to put seed capital into a state-run venture capital fund.A bill the General Assembly passed on the final day of this year’s legislative session authorized Invest Georgia, a VC fund created two years ago but not funded, to sell up to $55 million in insurance premium tax credits.The Invest Georgia funding, which enjoyed its strongest support in the state Senate, was attached to another piece of legislation that had been introduced in the Georgia House of Representatives. The underlying House bill was to provide another $55 million in insurance premium tax credits targeting businesses in low-income areas.HOME OF THE DAYSPONSOR LISTINGPrivacy in a Prestigious Gated Roswell Community!See All Homes of the DayOn Tuesday, Deal vetoed both, citing flaws in the legislative process that put them together.“Each of these concepts merit serious discussion standing on their own,” the governor wrote in a veto statement. “However, the combination of these policy initiatives into one piece of legislation and the prospect of implementing these initiatives at the same time under our current budget environment would have been too much of an impact on the general fund.”Deal also vetoed a bill backed by chambers of commerce across Georgia creating a state-operated fund to help cities and counties compile bids to attract sports events to their communities. In his veto statement, the governor argued that the OneGeorgia Authority already has a mechanism for a similar purpose, making the proposed Georgia Sports Commission Fund unnecessary.Of Deal’s 11 vetoes, six involved local legislation. In all but one instance, the bill’s authors asked for them to be vetoed because they contained errors or did not achieve what the sponsor intended.Tuesday marked the 40th calendar day since the General Assembly adjourned for the year, making it the last day for the governor to act on the bills lawmakers passed.

via Gov. Deal rejects Invest Georgia funding – Atlanta Business Chronicle.

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