By Brian E. Clark
For WisBusiness.com
Up to $500 million could be raised over the next 15 years to stimulate the state’s growing bioscience industry under legislation unveiled today by two Republican legislators.
Speaking at the 2011 Bioscience Vision Summit in Middleton, Sen. Van Wanggaard, R-Racine, said he believes $15 million could be raised the first year after the legislation – dubbed the “Next Generation Jobs Bill” – becomes law. Rep. Dale Kooyenga, R-Brookfield, is a cosponsor of the legislation.
Wanggaard said his proposal, which would raise a maximum of $50 million a year, would segregate the growth in payroll tax receipts from bioscience companies and place those dollars in a fund.
The fund would be managed by an independent volunteer board of bioscience business leaders, who would work in coordination with the State of Wisconsin Investment Board.
Wanggaard said the money would be invested in the Wisconsin bioscience industry through loans, grants and direct investments. As the bioscience industry grows and the fund receives returns on investment, he predicted the fund would grow, and be reinvested in more Wisconsin companies.
But Wanggaard said the money wouldn’t be used to finance start-ups. Rather, he said, it would fund proven companies that are growing. Kooyenga, a certified public accountant, said the bill would help put Wisconsin at the forefront of bioscience investment.
“If this performs as we expect, Wisconsin will attract industry leaders from across the country to bolster our own emerging base of bioscience companies,” he said.
Wanggaard said he expects the proposal to attract bipartisan support. Gov. Scott Walker, he noted, has already indicated his support of the bill.
Wisconsin bioscience companies now employ 24,000 people, with a total private sector payroll of more than $1.6 billion. The average salary in Wisconsin’s bioscience industry was over $69,000 in 2009.
