Research funding plan advances
State research funding plan advances

By John Greiner

Published: February 21, 2008

A proposal to provide a permanent funding source for one of the state's research and development endowment funds was approved Wednesday by the Senate Appropriations Committee.

Senate Bill 1819 by Senate President Pro Tempore Mike Morgan would use gross production tax revenue — taxes the state earns from oil and natural gas drilling — for the Economic Development Generating Excellence fund.

"The EDGE endowment is a forward-thinking, innovative tool for job creation,” Gov. Brad Henry said. "By investing in high-tech businesses and industries, we are ensuring that Oklahoma will draw the jobs of the future.”

SB 1819 does not state how much money from the gross production taxes would be used for the endowment.

Often, appropriations bills do not contain a money figure until House and Senate leaders reach an agreement on the state budget later in the session.

The measure goes to the full Senate.

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