Mayer: Missouri Science and Innovation Reinvestment Act Signed into Law

Legislation attracts science and innovation companies to Missouri

JEFFERSON CITY – Designed to create, attract and retain jobs in the field of science and innovation, the Missouri Science and Innovation Reinvestment Act, also known as MOSIRA, sponsored by Senate Leader Robert N. Mayer, R-Dexter, received the governor’s approval Friday (10-21). Senate Bill 7, which passed the Senate chamber on Sept. 14 by a vote of 30-4, attracts science and innovation companies to the state by distributing funds appropriated by the General Assembly from the Life Sciences Research Trust Fund to the Life Sciences Research Board in order to increase the quality and capacity of scientific research at public and private nonprofit institutions.

“This legislation will continue to foster economic growth in our state,” said Sen. Mayer. “The economic trend for today and into the future continues to move toward science and high-tech jobs, and that brings with it highly skilled workers. These types of jobs tend to be higher-paying jobs that can bring many of the best and brightest researchers from around our country right here to Missouri.”

The act replaces the Missouri Technology Fund with the Missouri Science and Innovation Reinvestment Fund, which would receive annual appropriations made by the General Assembly, based upon recommendation made by the directors of the Department of Economic Development and Department of Revenue, as well as contributions made by private entities, the federal government, and local governments.

“This is something lawmakers have talked about as a legislative body for several years,” said Sen. Mayer. “Through this legislation, we’ve passed a beneficial measure that will spur investment in science and technology in our state, while creating much-needed jobs for Missourians in these industries.”

Sen. Mayer is in full support of the state’s efforts toward implementation of Senate Bill 7. The legislation will take effect 90 days after receiving the governor’s stamp of approval, Jan. 19, 2012.