Amend House File 615 as follows:
   1.  Page 1, by striking lines 3 through 5 and inserting: 
   <NEW SUBSECTION.  3.  The corporation may establish one or more innovation funds for purposes of stimulating early-stage and seed capital investment in the state. If a fund is>
   2.  Page 1, line 10, by striking <the> and inserting <an>
   3.  Page 1, line 12, after <process.> by inserting <The corporation may contract with a different entity for the provision of investment management services for each innovation fund.>
   4.  Page 2, by striking lines 16 through 19 and inserting: 
   <b.
  (1)  The authority shall issue one or more certificates totaling the amount allowed per fiscal year under paragraph “a” to one or more nonprofit corporations operating an innovation fund.
   (2)  In order to receive a certificate pursuant to this paragraph, a nonprofit corporation shall be functioning as an innovation intermediary that is aligning local technologies, assets, and resources to collaborate on advancing innovation in this state, and shall be in compliance with the requirements of section 15.107A, subsection 3.
   (3)
  (a)  If in a fiscal year multiple nonprofit corporations qualify to receive certificates issued pursuant to this paragraph, certificates shall be issued in such a way that each nonprofit corporation operating an innovation fund receives a pro rata share of the total tax credits equal to the same proportion that the outstanding certified binding investment commitments to that nonprofit corporation bears to the total outstanding certified binding investment commitments to all qualified nonprofit corporations being issued a certificate under this paragraph.
   (b)  Upon the request of the authority, a nonprofit corporation operating one or more innovation funds shall certify to the authority the outstanding amount of binding investment commitments it has received to invest in innovation funds it operates.>
   5.  Page 4, by striking line 15 and inserting: 
   <7.
  8.  a.  An
 
A nonprofit corporation establishing an innovation fund shall submit an application>
   6.  Page 4, line 16, by striking <shall> and inserting <shall
 
may>
   7.  Page 4, line 19, by striking <a.> and inserting <a.
 
(1)>
   8.  Page 4, line 22, by striking <b.> and inserting 

<b.
 
(2)>
   9.  Page 4, line 24, by striking <c.> and inserting <c.
 
(3)>
   10.  Page 4, by striking lines 26 and 27 and inserting: 
   <(4)  The fund proposes to function as an innovation intermediary by aligning local technologies, assets, and resources to collaborate on advancing innovation in this state.
   (5)  The fund proposes to provide multiple rounds of funding and early-stage private sector funding to innovative businesses with a high growth potential, and proposes to focus such funding on innovative businesses that show a clear potential to produce commercially viable products or services within a reasonable period of time.
   (6)  The fund proposes to operate in a manner designed to complement the purposes and further the policy goals of the demonstration fund and the state small business credit initiative demonstration fund administered by the authority pursuant to 261 IAC 105 and 261 IAC 117, respectively.
   (7)  The fund proposes to evaluate all prospective innovative businesses using a rigorous, technology-based approach and proposes to collaborate and coordinate with the authority and other state and local entities in an effort to achieve policy consistency.
   (8)  The fund proposes to collaborate with the regents institutions of this state and to leverage relationships with such institutions in order to commercialize research developed at those institutions.
   (9)  The fund proposes a detailed plan to support the continuum of innovation in this state by addressing the need for early-stage venture capital investments.
   (10)  The fund meets any other criteria adopted by the authority by rule.
   b.  The board shall certify funds in such a way that not more than three funds are certified as innovation funds at any one time. In determining whether to certify a fund the board shall consider the following:
   (1)  The total available pool of innovation fund investment tax credits.
   (2)  The size of the prospective fund as compared to other existing or prospective innovation funds.
   (3)  The impact that certification of the fund would have on the available pool of investment capital for other existing or prospective innovation funds.
   (4)  Whether certifying the fund as an innovation fund would further the economic goals of the state.>
   11.  By renumbering as necessary.

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LOFGREN of Muscatine