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Commerce staff outlines key 2025 budget changes: Wavemaker, R&D tax credit and prevailing-wage adjustments
Summary
Staff reported that the 2025 budget largely maintained funding levels for corporation programs, highlighted changes including Wavemaker funding at $2.5M, extension of several program sunsets through December 2026, an R&D tax-credit carry-forward extension from 7 to 15 years, and an increased prevailing-wage trigger for rebuild-supported projects discussed in the session.
Commerce staff briefed the board on 2025 legislative outcomes affecting the corporation's programs and small-business initiatives.
Staff said the Wavemaker program was funded at $2.5 million for the coming year (down from higher prior-year levels), and that many signature programs have sunset extensions through December 2026 with a few exceptions. The transcript reports a policy change extending the R&D tax-credit carry-forward from seven to 15 years to align with neighboring states and help small businesses take advantage of the credit. Staff also described a change to the prevailing-wage trigger for rebuild-supported projects: language in the budget raises the threshold (discussed in transcript as moving from a $10M trigger to a higher level, with board discussion referencing $25,000,000 in hard construction costs).
Board members asked about program continuations, small-business legal and zoning changes, and follow-up presentations on innovation lines in the budget; staff said they would return with more detail at a future meeting.
