Effective - 03 Feb 2012, 2 histories
348.265. Base year gross wages calculation — transfer of funds, amount — expenditure of funds — strategic plan required. — 1. As soon as practicable after February 3, 2012*, the director of the department of economic development, with the assistance of the director of the department of revenue, shall establish the base year gross wages and report the amount of the base year gross wages to the president and board of the corporation, the governor, and the general assembly. Within one hundred eighty days after the end of each fiscal year beginning with the fiscal year ending June 30, 2011, and for each subsequent fiscal year prior to the end of the last funding year, the director of economic development, with the assistance of the director of the department of revenue, shall determine and report to the president and board of the corporation, governor, and general assembly the amount by which aggregate science and innovation employees' gross wages for the fiscal year exceeds the base year gross wages. The director of economic development and the director of the department of revenue may consider any verifiable evidence, including but not limited to the NAICS codes assigned or recorded by the United States Department of Labor for companies with employees in the state, when determining which organizations should be classified as science and innovation companies.
2. Notwithstanding section 23.250 to the contrary, for each of the twenty-five funding years, beginning July 1, 2012, subject to appropriation, the director of revenue shall transfer to the Missouri science and innovation reinvestment fund an amount not to exceed an amount equal to the product of the applicable percentage multiplied by an amount equal to the increase in aggregate science and innovation employees' gross wages for the prior fiscal year, over the base year gross wages. The director of revenue may make estimated payments to the Missouri science and innovation reinvestment fund more frequently based on estimates provided by the director of revenue and reconciled annually.
3. Local political subdivisions may contribute to the Missouri science and innovation reinvestment fund through a grant, contract, or loan by dedicating a portion of any sales tax or property tax increase resulting from increases in science and innovation company economic activity occurring after February 3, 2012*, or other such taxes or fees as such local political subdivisions may establish.
4. Funding generated by the provisions of this section shall be expended by the corporation to further its purposes as specified in section 348.256.
5. Upon enactment of this section, the corporation shall prepare a strategic plan for the use of the funding to be generated by the provisions of this section, and may consult with science and innovation partners, including but not limited to the research alliance of Missouri, as established in section 348.257; the life sciences research board established in section 196.1103; and the innovation centers or centers for advanced technology, as established in section 348.272. The corporation shall make a draft strategic plan available for public comment prior to publication of the final strategic plan.
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(L. 2011 1st Ex. Sess. S.B. 7)
Contingent effective date, see § 348.280
*This date by operation of Article III, Section 31 of the Missouri Constitution; except see contingency, section 348.280.
(2013) Provisions of SB 7 from First Extraordinary Session in 2011 are unconstitutional; section B of act as codified in section 348.280 is a violation of the single subject requirement of Article III, Section 23 and remaining provisions of bill could not be severed. Missouri Roundtable for Life, Inc. v. State, 396 S.W.3d 348 (Mo.banc).
Structure Missouri Revised Statutes
Title XXIII - Corporations, Associations and Partnerships
Section 348.005 - Law, how cited.
Section 348.015 - Definitions.
Section 348.025 - Commission members, who may serve.
Section 348.030 - Commissioners' terms.
Section 348.035 - Bond required for commissioners, executive director and employees, cost.
Section 348.040 - Removal of commissioners from office, procedure.
Section 348.045 - Officers, terms.
Section 348.050 - Meetings, quorum — actions by resolution, requirements.
Section 348.055 - Expenses of commission, no compensation to be paid.
Section 348.065 - Secretary's duties
Section 348.070 - Powers of authority.
Section 348.075 - Rules and regulations, promulgation, procedure.
Section 348.080 - Duties of authority.
Section 348.085 - Cooperation with federal and state agencies.
Section 348.090 - Additional powers of authority.
Section 348.095 - Termination of authority, rights and property to vest in state — exceptions.
Section 348.100 - Loans, authority may purchase or participate, requirements.
Section 348.110 - Bond issues and notes authorized.
Section 348.120 - Note issue and renewal — bond issues and refunding authorized.
Section 348.125 - Notes and bond issues to be authorized by resolution containing terms.
Section 348.130 - Pledges of authority to be liens on all authority assets.
Section 348.135 - Facsimile signatures, validity.
Section 348.140 - Redemption of notes and bonds — powers — price.
Section 348.145 - Issuance of refunding obligations — terms, how determined.
Section 348.165 - Official person executing bonds and notes, no personal liability.
Section 348.175 - Investment powers and limitations of authority.
Section 348.180 - Annual report — audit.
Section 348.185 - Statement of purpose.
Section 348.190 - Loan guarantee program — rules, regulations, promulgation, procedure.
Section 348.200 - Single-purpose animal facilities loan guarantee fund established — administration.
Section 348.205 - Money not needed may be invested.
Section 348.210 - Eligibility for guarantees for loans — rules — terms, conditions.
Section 348.215 - Policy of collection and recovery.
Section 348.220 - Animal waste facilities loan program guarantees — priorities, limitations.
Section 348.225 - Single-purpose animal facilities loan program fund created — purpose.
Section 348.253 - Contracts with not-for-profit organizations, objectives.
Section 348.256 - Articles of incorporation, bylaws, content — members, qualifications.
Section 348.262 - Department may contract with corporations.
Section 348.262 - Department may contract with corporations.
Section 348.263 - Open meetings and sunshine law applicability — records, requirements.
Section 348.264 - Science and innovation reinvestment fund established — source of funds — purpose.
Section 348.264 - Technology investment fund established — source of funds — purpose.
Section 348.266 - Debts incurred not debt of the state — subject to not-for-profit corporation law.
Section 348.275 - Rulemaking authority, procedure.
Section 348.280 - Contingent effective date.
Section 348.300 - Definitions.
Section 348.300 - Definitions.
Section 348.304 - Certificates, how issued, limitations, exchanges.
Section 348.306 - Transfer of certificates, procedure, limitations.
Section 348.308 - Duties of director of economic development — issuance of certificates.
Section 348.312 - Construction of provisions.
Section 348.400 - Definitions.
Section 348.403 - Authority to develop program — rules — reject application, when.
Section 348.406 - Certificates of guaranty — fee — limitations.
Section 348.408 - Agricultural product utilization grant fund established — limitation on grants.
Section 348.409 - Agricultural product utilization and business loan guarantee fund established.
Section 348.412 - Use of loan proceeds — eligibility — rules.
Section 348.415 - Collections.
Section 348.426 - Rules, effective, when — rules invalid and void, when.
Section 348.434 - Limitations on credits issued.
Section 348.436 - Expiration date.
Section 348.438 - Departments to provide assistance.
Section 348.439 - Oversight and report on credits.
Section 348.505 - Tax credit for family farm livestock loan program, procedure.
Section 348.515 - Recognition of benefit of providing assistance to certain family farm operations.
Section 348.524 - Livestock feed and crop input loan guarantee fund established — use of moneys.
Section 348.527 - Investment of fund moneys.
Section 348.530 - Eligibility for loans — rulemaking authority.