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Title XL ADDITIONAL EXECUTIVE DEPARTMENTS

Chapter 620

Effective - 28 Aug 2011 bottom

  620.638.  Definitions. — As used in sections 620.635 to 620.653, the following terms mean:

  (1)  "Committed contributions", the total amount of qualified contributions that are committed to a qualifying fund by contractual agreement;

  (2)  "Corporation", the Missouri technology corporation as established pursuant to section 348.251;

  (3)  "Department", the department of economic development;

  (4)  "Director", the director of the department of economic development;

  (5)  "Follow-up capital", capital provided to a qualified business in which a qualified fund has previously invested seed capital or start-up capital.  No more than forty percent of the qualified contributions to a qualified fund may be used for follow-up capital, and no qualified contributions which generate tax credits before the second round of allocations as authorized by section 620.650 shall be used for follow-up capital investments;

  (6)  "Person", any individual, corporation, partnership, limited liability company or other entity, including any charitable organization which is exempt from federal income tax and whose Missouri unrelated business taxable income, if any, would be subject to the state income tax imposed under chapter 143;

  (7)  "Positive cash flow", total cash receipts from sales or services, but not from investments or loans, exceeding total cash expenditures as calculated on a fiscal year basis;

  (8)  "Qualified business", any independently owned and operated business which is headquartered and located in Missouri and which is involved in or intends to be involved in commerce for the purpose of manufacturing, processing or assembling products, conducting research and development, or providing services in interstate commerce.  Such a business shall maintain its headquarters in Missouri for a period of at least three years from the date of receipt of a qualified investment or be subject to penalties pursuant to section 620.017;

  (9)  "Qualified contribution", cash contributions to a qualified fund pursuant to the terms of contractual agreements made between the qualified fund and a qualified economic development organization authorized by the corporation to enter into such contracts;

  (10)  "Qualified economic development organization", any corporation organized pursuant to the provisions of chapter 355 that, as of January 1, 1991, had obtained a contract with the department to operate an innovation center to promote, assist and coordinate the research and development of new services, products or processes in this state;

  (11)  "Qualified fund", a fund established by any corporation, partnership, joint venture, unincorporated association, trust or other organization established pursuant to the laws of Missouri and approved by the corporation;

  (12)  "Qualified investment", any investment of seed capital, start-up capital or follow-up capital in a qualified business that does not cause more than ten percent of all the qualified contributions to a qualified fund to be invested in a single qualified business;

  (13)  "Seed capital", capital provided to a qualified business for research, development and precommercialization activities to prove a concept for a new product, process or service, and for activities related thereto; provided that, seed capital shall not be provided to any business which in a past fiscal year has experienced a positive cash flow;

  (14)  "Start-up capital", capital provided to a qualified business for use in preproduction product development, service development or initial marketing thereof; provided that, start-up capital shall not be provided to any business which has experienced a positive cash flow in a past fiscal year;

  (15)  "Uninvested capital", that portion of any qualified contribution to a qualified fund, other than management fees not to exceed three percent per year of committed contributions, qualified investments and other expenses or fees authorized by the corporation, that is not invested as a qualified investment within ten years of its receipt.

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(L. 1999 S.B. 518 § 2, A.L. 2007 1st Ex. Sess. H.B. 1, A.L. 2011 H.B. 464)


---- end of effective   28 Aug 2011 ----

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