HB 1511 -- Missouri Science and Innovation Reinvestment Act

Sponsor:  Flook

This bill establishes the Missouri Science and Innovation
Reinvestment Act and the Missouri Science and Innovation
Authority to create, attract, retain, expand, and enhance
existing and new science and innovation companies.  The
authority, with an 11-member board of directors appointed by the
Governor, has the duties and rights of an independent
instrumentality of the state, including perpetual existence.  The
authority's powers include:

(1)  Executing contracts with science and technology enterprises;
acquiring or selling facilities to be used for research,
development, sponsoring, or commercialization of science and
innovation; issuing bonds; and spending the moneys in the newly
created Science and Innovation Reinvestment Fund to own and
possess patents, copyrights, trademarks, and proprietary
technology;

(2)  Making loans, grants, and investments; participating in
joint ventures; and creating nonprofit entities to administer
grants and trusts;

(3)  Owning patents and proprietary technology developed at any
facility it owns or operates and compensating the employee who
makes the discovery or develops the patent; and

(4)  Licensing, selling, contributing, or providing science and
innovation intellectual property to third parties and promoting
and facilitating the transfer of technology by assisting with
patent filings and managing sales and marketing.

Board members serve three-year terms and may be reappointed once.
The board must elect officers as specified in the bill and
appoint a president to serve as the chief executive officer.  The
board must establish an executive committee, a nominating
committee, a scientific advisory board, and a commercialization
advisory board with powers and duties as specified in the bill.
The bill specifies the procedures for hiring employees, resolving
grievances, and establishing retirement policies.

Moneys will be deposited into the Science and Innovation
Reinvestment Fund by the Director of the Department of Revenue
beginning July 1, 2011, and continuing for the next 25 years,
equal to a specified percentage of withholding taxes multiplied
by the difference of all withholding taxes on science and
innovation employees for the prior year minus the base year
taxation.  The authority must report annually to the General
Assembly and the Governor on the distribution of funds, the
growth of science research in the state, and recommendations for
additional legislation.  The bill contains provisions regarding
the authority's issuance and redemption of bonds; the Open
Meetings and Records Law, commonly known as the Sunshine Law, as
it relates to certain authority dealings; the establishment of a
conflict of interest policy; and the tax-exempt status of the
authority.  The board of directors will be prohibited from
selling the authority or its substantial assets without
authorization of the General Assembly; however, the authority is
not required to submit its capital projects for review.

Missouri House of Representatives
95th General Assembly, 2nd Regular Session
Last Updated September 14, 2010 at 3:11 pm