HB 1511 Summary

• Establishes the Missouri Science and Innovation Authority as an independent state instrumentality to promote science and innovation research, development, and commercialization in Missouri.

• Creates the Science and Innovation Reinvestment Fund, which receives a percentage of state income tax withholding from science and innovation employees and companies, phased from 100% for 15 years, then 75% for 5 years, then 50% for 5 years.

• Authorizes the Authority to issue bonds, make grants and loans, invest in science and innovation companies, acquire and commercialize intellectual property, and provide facilities for research and development.

• Establishes an 11-member Board of Directors appointed by the Governor, plus a Scientific Advisory Board and Commercialization Advisory Board, with requirements to avoid inherent conflicts of interest.

• Defines "science and innovation companies" broadly to include entities engaged in pharmaceutical manufacturing, biotechnology, medical devices, agricultural sciences, nanotechnology, and numerous other NAICS-classified industries.