§ 348.265 — Base year gross wages calculation — transfer of funds, amount — expenditure of funds — strategic plan required.

Missouri § 348.265

• Jurisdiction: Missouri
• Title XXIII: CORPORATIONS, ASSOCIATIONS AND PARTNERSHIPS
• Ch. 348: Authorities and Corporations for Economic and Technological Development — Small Businesses

Text

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.

Legislative History

(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).