Gov. Jay Nixon today signed Senate Bill 7, the Missouri Science and Innovation Reinvestment Act (MOSIRA), passed by the General Assembly during the special session. Passage of the MOSIRA bill was one of the key elements in Gov. Nixon's call for a special session, and he praised the bill as an important tool to create the jobs of the future in Missouri.
"Many of the jobs and careers of the future will be created by emerging high-tech companies, and we need to encourage investment by these businesses here in Missouri," Gov. Nixon said. "The MOSIRA bill will be a valuable tool to encourage more start-up companies in science and technology to join what is an already growing area for the Show-Me State and our economy. Through MOSIRA, that continued growth will generate even more expansion in research and technology."
MOSIRA would create a funding source to spark growth in research and technology enterprises by capturing a small percentage of the growth in state revenue over a base year (Fiscal Year 2010) from a designated group of Missouri science and innovation companies. The Missouri Technology Corporation (MTC) will administer the MOSIRA funds.
MTC will reinvest the MOSIRA funding through loans and other means to generate further economic growth in the science and innovation industry sectors, with emphasis on biotechnology and life sciences. Funding will be reinvested in a wide range of programs designed to create jobs, nurture start-ups, and bring science and technology companies to the state.
Senate Bill 7 contains a clause that requires its effective date be contingent on the passage of an unrelated bill. Contingency clauses contained in legislation have been voided in the past, and ultimately a court may have to determine the effect, if any, of the contingency clause contained in Senate Bill 7. With the signing of the bill, the State will initiate steps toward the implementation of Senate Bill 7.