HOUSE AMENDMENT Bill No. HB 1E CS
1	CHAMBER ACTION
2	Senate House
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12	Representative Sobel offered the following:
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14	Amendment to Amendment (565379)
15	Remove line(s) 463-509, and insert:
16	(a) The grantee shall reinvest 15 percent of the net
17	royalty revenues and of the revenues from the sale of stock
18	received by The Scripps Research Institute from the licensing or
19	transfer of inventions, methods, processes, and other patentable
20	activities conceived or reduced to practice using facilities or
21	employees of the grantee. For purposes of this paragraph, the
22	term “net royalty revenues” means all royalty revenues less the
23	cost of obtaining, maintaining, and enforcing related patent and
24	intellectual property rights, both foreign and domestic.
25	Reinvestment payments under this subsection shall commence no
26	later than 6 months after the grantee has received the final
27	disbursement under the contract.
28	(b) The grantee shall reinvest 15 percent of the gross
29	revenues it receives from naming opportunities associated with
30	any facility it builds in this state. For purposes of this
31	paragraph, the term “naming opportunities” includes charitable
32	donations from any person in consideration for the right to have
33	all or a portion of the facility named for or in the memory of
34	any person, living or dead, or for any entity. The obligation to
35	make reinvestment payments under this subsection shall commence
36	upon the execution of the contract between the corporation and
37	the grantee.
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39	All public universities and private not-for-profit universities
40	in this state shall receive 75 percent of reinvestment payments
41	made pursuant to this subsection and 25 percent of such payments
42	shall be remitted to the state for deposit in the Biomedical
43	Research Trust Fund, or if such fund has ceased to exist, in
44	another trust fund that supports biomedical research, as
45	determined by law.