THANK YOU to all 49 of Nebraska’s state legislators. Senators ended their 90-day work period in May, putting the finishing touches on a unique and historic session. What began in January with a newly sworn-in governor and 18 new senators ended with veteran leadership and grace displayed on all sides.

The Lincoln Chamber was active through our business coalition and won several key victories that will improve the city and state environment for start-ups, innovation, and entrepreneurial spirit. Of note was the passage of LB 226 (crowdfunding), LB 629 (ride sharing), and LB 623 (dreamer’s driver’s license).

• LB 226, introduced by Senator Colby Coash of Lincoln, will allow small businesses to seek start-up capital through crowdfunding. The new law permits businesses to raise funds via an internet portal in exchange for a financial stake in the company. Department of Banking approval will be required for all projects attempting to raise funds through LB 226’s equity crowdfunding framework but it will not require registration under state or federal securities laws. The crowdfunding would be limited to no more than $2 million, and unaccredited investors would not be allowed to invest more than $5,000 in any particular company. Our business coalition believes many of Nebraska’s start-ups will now have a tool to quickly generate funds if necessary.

• LB 629 provides the regulatory framework permitting ride sharing companies (such as Uber and Lyft) to operate in Nebraska. Though perhaps not immediately apparent, this law also relates to innovation because the Lincoln Chamber believes it’s important to show that our state is responsible and welcoming to new business models created in the digital and virtual world by aspiring entrepreneurs. LB 629 also proves that we can respond with a rational regulatory framework that still maintains our favorable business climate.

• LB 623 brings Nebraska into harmony with the 49 other states providing driver’s licenses to DACA (Deferred Action for Childhood Arrivals) youth. The Lincoln Chamber of Commerce, Greater Omaha Chamber of Commerce, and the Nebraska Chamber of Commerce and Industry all supported this important bill, which is now the law in Nebraska. The Chamber coalition believes this change removed an obstacle both to individual and state economic growth. LB 623 was strongly supported by the NE Restaurant Association, Nebraska Cattlemen, Latino American Commission, the Nebraska Catholic Conference, and a host of “Dreamers.”

On behalf of our members, the Chamber’s policy team also pushed for bold income tax relief, supported the University’s effort to fund the build-out of Innovation Campus, supported bio-science incentives, pushed for better workforce development programs in high-need careers, worked on veteran’s issues, pushed for an economic competitiveness fund for NU Regents, and several other various issues.

Overall, I would say we were impressed with the new legislature. They asserted themselves as independent leaders driven to do what they think best serves Nebraska. It should be noted that the state budget held the line on spending increases to approximately a 3.4% increase, which qualifies as a fairly small increase when compared to recent years. The Legislature also put an additional $127 million into the Property Tax Relief Fund, in addition to adding $20 million for personal property tax relief.

We’re equally impressed with Governor Pete Ricketts. The governor set the tone for restrained state spending and proved himself to be a very “hands on,” engaged leader. We appreciated his work putting together a cabinet of “trans-formative leaders” to provide new energy and ideas.

Legislative bills carryover to next year’s session and we still have several we support that will be up for debate immediately in January 2016. In the meantime, the Lincoln Chamber will be involved in several interim studies looking at taxes, workforce development, incentives, Nebraska Innovation Campus and other issues.

The Chamber’s mission is to improve the lives of Lincoln residents by providing increased economic opportunity and can only be accomplished together.  Networking opportunities, business advocacy, and creating economic viability are critical to our success.  We encourage you to become a member and help us achieve these goals for Lincoln.  For more information, please contact our Membership Director, Kristin Holmes, kholmes@lcoc.com.

by Wendy Birdsall, President, Lincoln Chamber of Commerce

402-436-2350 | www.lcoc.com