SB 1037 Creates the Missouri Innovation Fund Corporation
Sponsor: Wasson
LR Number: 6575S.01I Fiscal Notes
Committee: Economic Development
Last Action: 3/13/2018 - Hearing Conducted S Economic Development Committee Journal Page:
Title: Calendar Position:
Effective Date: August 28, 2018

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Current Bill Summary


SB 1037 - This act creates the Missouri Innovation Fund Corporation, which shall be a wholly-owned subsidiary of the Missouri Technology Corporation. The purpose of the Missouri Innovation Fund Corporation (the Corporation) shall be to promote economic growth and job creation throughout the state of Missouri. (Section 348.560)

The Corporation shall be governed by a board of directors, who shall be the members of the board of directors of the Missouri Technology Corporation. The Corporation shall certify qualified investment fund managers, and such qualified funds shall only make investments in qualified companies.

Qualified companies, as defined in the act, shall be a firm, partnership, joint venture, association, or private or public for-profit corporation that is headquartered in this state, employs at least fifty-one percent of its employees in this state, is engaged in certain business sectors with high potential for economic growth, as described in the act, has less than one hundred employees, has been in operation in this state for less than ten consecutive years, and agrees that it will not relocated outside the state for three years after an investment by the Corporation. (Section 348.555)

The Corporation shall make investments in qualified companies and qualified funds, and may hold and sell debt and securities at the discretion of the Missouri Technology Corporation. The Corporation shall not make investments in or on behalf of qualified companies involved in abortion services, human cloning, or prohibited human research. (Section 348.565)

The Corporation shall also be able to issue revenue bonds or notes as the Missouri Technology Corporation deems necessary. Any bonds issued shall not constitute a debt of the state or the Missouri Technology Corporation. (Section 348.575)

Fifty percent of all proceeds from the sale, interest, and dividends from securities held or sold by the Corporation, and bond proceeds from bonds or notes issued by the Corporation, shall be allocated to the Missouri Innovation Fund, which is established by the act, for reinvestment. The remaining proceeds shall be allocated to the General Revenue Fund.

The Corporation shall publish an annual report by November 1 of each year which shall include a description of its efforts in establishing and maintaining the Innovation Fund, the qualified companies and qualified funds in which it has invested, and fund expenditures made by the Innovation Fund. (Section 348.585)

This act shall sunset on June 30, 2024, unless reauthorized by the General Assembly.

JOSHUA NORBERG