348.300. Definitions.
Definitions.
348.300. As used in sections 348.300 to 348.318, the following termsmean:
(1) "Commercial activity located in Missouri", any research,development, prototype fabrication, and subsequent precommercializationactivity, or any activity related thereto, conducted in Missouri for thepurpose of producing a service or a product or process for manufacture,assembly or sale or developing a service based on such a product or processby any person, corporation, partnership, joint venture, unincorporatedassociation, trust or other organization doing business in Missouri.Subsequent to January 1, 1999, a commercial activity located in Missourishall mean only such activity that is located within a distressedcommunity, as defined in section 135.530, RSMo;
(2) "Follow-up capital", capital provided to a commercial activitylocated in Missouri in which a qualified fund has previously invested seedcapital or start-up capital and which does not exceed ten times the amountof such seed and start-up capital;
(3) "Person", any individual, corporation, partnership, or otherentity, including any charitable corporation which is exempt from federalincome tax and whose Missouri unrelated business taxable income, if any,would be subject to the state income tax imposed under chapter 143, RSMo;
(4) "Qualified contribution", cash contribution to a qualified fund;
(5) "Qualified economic development organization", any corporationorganized under the provisions of chapter 355, RSMo, which has as ofJanuary 1, 1991, obtained a contract with the department of economicdevelopment to operate an innovation center to promote, assist andcoordinate the research and development of new services, products orprocesses in the state of Missouri; and the Missouri technology corporationorganized pursuant to the provisions of sections 348.253 to 348.266;
(6) "Qualified fund", any corporation, partnership, joint venture,unincorporated association, trust or other organization which isestablished under the laws of Missouri after December 31, 1985, which meetsall of the following requirements established by this subdivision. Thefund shall have as its sole purpose and business the making of investments,of which at least ninety percent of the dollars invested shall be qualifiedinvestments. The fund shall enter into a contract with one or morequalified economic development organizations which shall entitle thequalified economic development organizations to receive not less than tenpercent of all distributions of equity and dividends or other earnings ofthe fund. Such contracts shall require the qualified fund to transfer tothe Missouri technology corporation organized pursuant to the provisions ofsections 348.253 to 348.266 this interest and make correspondingdistributions thereto in the event the qualified economic developmentorganization holding such interest is dissolved or ceases to do businessfor a period of one year or more;
(7) "Qualified investment", any investment of seed capital, start-upcapital, or follow-up capital in any commercial activity located inMissouri;
(8) "Seed capital", capital provided to a commercial activity locatedin Missouri for research, development and precommercialization activitiesto prove a concept for a new product or process or service, and foractivities related thereto;
(9) "Start-up capital", capital provided to a commercial activitylocated in Missouri for use in preproduction product development or servicedevelopment or initial marketing thereof, and for activities relatedthereto;
(10) "State tax liability", any state tax liability incurred by ataxpayer under the provisions of chapters 143, 147 and 148, RSMo, exclusiveof the provisions relating to the withholding of tax as provided for insections 143.191 to 143.265, RSMo, and related provisions;
(11) "Uninvested capital", the amount of any distribution, other thanof earnings, by a qualified fund made within five years of the issuance ofa certificate of tax credit as provided by sections 348.300 to 348.318; orthe portion of all qualified contributions to a qualified fund which arenot invested as qualified investments within five years of the issuance ofa certificate of tax credit as provided by sections 348.300 to 348.318 tothe extent that the amount not so invested exceeds ten percent of all suchqualified contributions.
(L. 1986 S.B. 591 § 1, A.L. 1991 S.B. 185, A.L. 1993 H.B. 566, A.L. 1998 H.B. 1656, A.L. 2007 1st Ex. Sess. H.B. 1)Effective 11-28-07