The bill, sponsored by Sen. Al Mansell, R-Midvale, would create the Utah Science Technology and Research Governing Authority to oversee research designed to create new companies.

His bill received unanimous approval Friday from the Senate Workforce Services and Community and Economic Development Committee.

The USTAR initiative is considered to be one of the cornerstones of Gov. Jon Huntsman's economic development plans. Numerous business leaders came to the capitol Friday to show their support for the bill because they said USTAR has the potential to create thousands of high-paying jobs in the next several decades.

"We see this as an investment that will yield significant economic results for the state," said Scott Anderson, chief executive officer of Zions First National Bank.

The bill allocates $50 million for construction of a new building at Utah State University and the University of Utah. The other $15 million will be spent to attract research faculty to the two universities.

"What's bringing quality people in is this concept. This is a tremendously exciting opportunity for us," said Utah State University President Stan Albrecht.

The bill calls for creating a life sciences research center, an infectious disease research center and a computing research center at Utah State. At the University of Utah, it calls for creating a neuroscience research center and an information technology and bioinformatics research center.

Mansell said it's his goal that the research facilities will make enough money that they won't require any ongoing state funding. The bill calls for splitting the revenue created by new patents at the research campuses between the scientists, the universities and the USTAR governing authority.