(1) It is the intent of the Legislature to appropriate fifteen million dollars to the department for fiscal year 2027-28 and each fiscal year thereafter for purposes of carrying out the Business Innovation Act. (2) It is the intent of the Legislature that (a) the four million dollars saved due to the elimination of funding for the Angel Investment Tax Credit Act be used to increase the appropriation to the department for the Business Innovation Act by four million dollars for fiscal year 2021-22 and each fiscal year thereafter and (b) the one hundred thousand dollars saved due to the reduction in tax credits authorized under the Angel Investment Tax Credit Act for calendar year 2019 be used to increase the appropriation to the Department of Revenue by one hundred thousand dollars for fiscal year 2019-20 to offset the costs incurred by the Department of Revenue to implement Laws 2019, LB334. (3) Up to five percent of the funds appropriated for the Business Innovation Act may be used by the department, or by a nonprofit entity with which the department contracts, for administrative expenses.
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