HOUSE AMENDMENT |
Bill No. HB 1E CS |
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CHAMBER ACTION |
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Representative Justice offered the following: |
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Amendment to Amendment (565379) |
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Remove line(s) 463-509, and insert: |
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(a) The grantee shall reinvest a percentage of the net |
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royalty revenues and of the revenues from the sale of stock |
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received by the Scripps Research Institute from the licensing or |
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transfer of inventions, methods, processes, and other patentable |
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activities conceived or reduced to practice using facilities or |
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employees of the grantee following the execution of the contract |
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between the corporation and the grantee, as provided in |
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paragraph (c). For purposes of this paragraph, the term “net |
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royalty revenues” means all royalty revenues less the cost of |
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obtaining, maintaining, and enforcing related patent and |
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intellectual property rights, both foreign and domestic. |
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Reinvestment payments under this subsection shall commence no |
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later than 6 months after the grantee has received the final |
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disbursement under the contract and continue until the grantee |
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has reinvested pursuant to paragraph (c) the percentage of all |
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the net royalty revenues and proceeds from the sale of stock |
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related to the grantee’s operation after the execution of the |
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contract.
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(b) The grantee shall reinvest a percentage of the gross |
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revenues it receives from naming opportunities associated with |
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any facility it builds in this state, as provided in paragraph |
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(c). For purposes of this paragraph, the term “naming |
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opportunities” includes charitable donations from any person in |
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consideration for the right to have all or a portion of the |
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facility named for or in the memory of any person, living or |
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dead, or for any entity. The obligation to make reinvestment |
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payments under this subsection shall commence upon the execution |
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of the contract between the corporation and the grantee.
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(c) The total amount of revenues reinvested by the grantee |
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under this subsection shall be:
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1. Fifteen percent of up to $155 million in such revenues, |
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or $200 million if performance measures are not met.
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2. Ten percent thereafter up to $300 million in such |
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revenues, or $369 million if performance measures are not met.
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3. Five percent thereafter.
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One-half of all reinvestment payments made pursuant to this |
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subsection shall be remitted to the state for deposit in the |
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Biomedical Research Trust Fund, or if such fund has ceased to |
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exist, in another trust fund that supports biomedical research, |
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as determined by law. One-half of all reinvestment payments made |
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pursuant to this subsection shall be remitted to the state for |
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distribution to state universities and private nonprofit |
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colleges and universities in the state, including historically |
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Black colleges and universities, with the proceeds to be |
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distributed pro rata based on the prior year's enrollment. |
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