SCS/SB 912 - This act reenacts and modifies provision of law enacted by Senate Bill 7 from the First Extraordinary Session of 2011 which was subsequently held unconstitutional by the Missouri Supreme Court in Missouri Roundtable for Life, Inc. v. State (2013). Senate Bill 7 modified the powers and duties of the Missouri Technology Corporation (MTC).
The act removes the requirement that the MTC include information about growth of science and innovation research in the state in its annual report. Provisions exempting the MTC from certain taxes are repealed. The act removes the requirement that an executive committee and an audit committee be formed by the MTC. Provisions specifying the composition and duties of the Research Alliance of Missouri are repealed.
The Missouri Science and Innovation Reinvestment Fund is renamed the Missouri Technology Investment Fund. The requirement for an annual appropriation to the fund is eliminated. The MTC is prohibited from expending funds for certain types of research.
The act creates a tax credit equal to 50% of a donation to the MTC. The tax credit is non-refundable but is transferable and may be carried forward 4 years. The Department of Economic Development must receive from the MTC an amount equal to the tax credit before the tax credit is issued.
This act is similar to HB 1583 (2014).