LANSING – The House Committee on New Economy and Quality of Life today passed legislation sponsored by Speaker Pro Tempore Pam Byrnes (D-Lyndon Twp.) that will increase investment in the information technology, or "IT" industry, and create good-paying jobs. Representatives of Ann Arbor-based businesses SRT Solutions and the Whole Brain Group testified in support of the plan that would include software development as a specific growth sector eligible for state funding through the 21st Century Jobs Fund.
"We need to invest in emerging businesses to help diversify our economy and create good-paying jobs," said Byrnes, a member of the Committee. "Information technology has a bright future, especially in the Ann Arbor area where we have the tremendously talented workforce that IT companies need to thrive. By investing in information technology, we can give a boost to companies looking to expand and put some of our talented residents back on the job."
By including information technology in the 21st Century Jobs Fund, Byrnes' plan will provide state funding to software companies that will essentially go right to employees hired for new jobs, creating increased income tax revenue for the state. The fund, created by bipartisan legislation in 2005, provides grants and loans to companies that invest in emerging industries that show the potential for tremendous job growth. Currently, the fund identifies life sciences, alternative energy, advanced manufacturing and homeland security and defense as four specific growth areas.
"This legislation will make more entrepreneurs look at Michigan as the location for their new venture," said Bill Wagner, co-founder of Ann Arbor-based SRT Solutions, who testified in support of the legislation. "That will increase our chance of being the home of the next job creation engines. That will make a better future for all of us in the state of Michigan."