HB 1999 Summary

• Repeals and re-enacts sections of Missouri law governing the life sciences research trust fund and the Missouri Science and Innovation Reinvestment Act to modernize governance and funding mechanisms for science and innovation initiatives.

• Establishes the Missouri Technology Corporation as a private not-for-profit corporation with a 15-member board to oversee science and innovation development, research capacity building, and technology commercialization across the state.

• Creates the Missouri Science and Innovation Reinvestment Fund to receive annual appropriations based on a percentage of growth in science and innovation employee gross wages above a fiscal year 2010 baseline, with funds directed to research and commercialization programs.

• Grants the Missouri Technology Corporation broad powers to invest in science and innovation companies, establish innovation centers, provide grants and loans for research, facilitate technology transfer, and partner with universities and research institutions.

• Includes an emergency clause making the act effective immediately upon passage and gubernatorial approval to expedite economic development efforts in science and innovation sectors.