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Iowa,
The “Silicon Valley” of Animal Biotechnology
A
leader in animal biotechnology, TransOva Companies, of Sioux
Center, visited the capitol on Tuesday and Wednesday of this week.
TransOva started as a large animal veterinary practice in
Ireton, Iowa. The focus of the business changed over the years,
especially within the last five to eight years, as the company
started focusing on the growing biotechnology field. The company
began utilizing the “cluster concept” and divided into nine
separate businesses (seven in Iowa, two in South Dakota) with each
focusing on different fields in animal biotechnology.
TransOva
is looking to a combination of private sector, state
infrastructure, local venture capital, and federal funding to help
continue building and developing the company. With the additional
funding, TransOva hopes to add eight to ten new bio-pharmaceutical
business units, which would create 25-30 new jobs. TransOva also
wants to build a “final purification” lab in order to complete
the testing of all products. If the lab would be built in Iowa, it
would ensure that TransOva business units stay in Iowa instead of
locating out-of-state in order to be close to a lab.
Iowa
will likely always be viewed as an agricultural state. TransOva is
embracing that reputation as strength, and is using it to become
the leader in animal biotechnology. TransOva is the type of
organization that political and economic development leaders have
been hoping to attract to Iowa. It is a high-tech company with a
highly educated workforce that produces high paying jobs in an
industry that plays to Iowa’s strengths. Biotechnology and
bio-pharmaceuticals are growing industries that Iowa can embrace
and use to help grow the state’s economy. This session, the
Legislature will take an in-depth look at what It can do to make
Iowa a more attractive place to retain and attract new companies
like TransOva to the state.
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Appropriations
Committee Approves Property Tax Credits Bill
On
Wednesday the House Appropriations Committee approved HF 1 (now HF
32), which restores $3.5 million in cuts to the Homestead, Ag Land,
and Elderly and Disabled property tax credits. During the 2002
regular session, these tax credits were reduced in order to help
balance the budget.
The
bill stipulates that the counties that passed along the cut (in the
form of reduced credits) to taxpayers give the taxpayers an
additional credit in fiscal year 2004. The counties, which used cash
reserves or other funds to give the credit, can keep the money. The
committee unanimously approved the bill and it is currently eligible
for debate on Monday, January 27.
Ways
& Means Update
Bills passed out of Ways & Means this week:
No
bills passed committee this week.
Bill
Assignments:
HF 10—provides
an individual income tax credit for certain teacher expenses.
HF
15—relates
to property taxation of certain lands leased to others by the dept.
of corrections or dept. of human services.
HF
20—relates
to the taxation of activities involving out-of-state qualified state
tuition programs.
HF
24—relates
to a phase-out of the state income tax on certain pension or
retirement pay
HF
25—relates
to a limitation on property taxes for cities and countries.
HF
26—relates
to the exemption of mold making equipment and materials used in the
mol making process from sales and use taxes and provides refunds.
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Week
in Review Archives