HB 1285 Summary

• Renames the "Institute for the Commercialization of Public Research" to the "Institute for Commercialization of Florida Technology" and removes it from Department of Economic Opportunity oversight.

• Restructures the Institute's board of directors to consist of three gubernatorially-appointed directors (instead of five members including department and university representatives) with 3-year staggered terms.

• Requires the Institute to employ a private fund manager to manage the Florida Technology Seed Capital Fund and Seed Capital Accelerator Program assets without state financial support or appropriations.

• Specifies the Institute receives no state appropriations after July 1, 2018; any appropriation received triggers immediate liquidation of all Institute assets with proceeds reverting to the General Revenue Fund.

• Amends business corporation provisions for state banks, trust companies, and social purpose/benefit corporations to clarify applications of Florida Business Corporation Act provisions and allow modifications to articles of incorporation.