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Missouri Launches $20 Million State Seed Capital Program

This year’s second attempt to pass legislation establishing a state-funded seed capital program in Missouri was successful during the waning hours of the 1999 session of the Missouri General Assembly. SB 518, the Missouri New Enterprise Creation Act, authorizes the creation of up to four seed capital funds at the state’s innovation centers to support new technology-based companies in the state. Funding for the program will be generated through $20 million in tax credits, with a maximum limit of $5 million in credits each year.

The legislation calls for a state seed capital and commercialization strategy to be developed and approved by a yet-to-be-established Missouri Seed Capital Investment Board prior to the creation of the seed capital funds. One fund is exempted from this provision and will be started immediately to assist any of the up to 7,000 Missourians to be laid off by the Boeing Corporation over the next two years.

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MISSOURI ONE STEP CLOSER TO $40 MILLION SEED FUND

Investment capital to develop and commercialize new technologies may soon be easier to find in Missouri. The Commerce Committee of the Missouri House of Representatives last week endorsed House Bill 753, a proposal to create a $40 million seed capital fund supported by Governor Mel Carnahan. The fund would be capitalized at $10 million each year for four years. Additionally, private investors would get a 100-percent tax credit for all money they contributed to the new seed capital fund. Investments would be limited to Missouri businesses.

To find money for the new seed capital fund, the bill calls for implementing a temporary suspension of the state’s corporate research and development tax credit, which is capped at $10 million a year. For four years, no new credits would be granted under the R&D tax credit.

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