AN ACT TO AMEND SECTION 37-148-3, MISSISSIPPI CODE OF 1972, TO ADD AND REVISE DEFINITIONS PERTAINING TO THE STRENGTHENING MISSISSIPPI ACADEMIC RESEARCH THROUGH (SMART) BUSINESS ACT; TO AMEND SECTION 37-148-5, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT THE SMART BUSINESS ACT SHALL INCLUDE THE SMART BUSINESS REBATE TO PROMOTE RESEARCH PARTNERSHIPS BETWEEN COLLEGES AND INVESTORS AND THE SMART BUSINESS ACCELERATE INITIATIVE TO PROMOTE THE DEVELOPMENT OF STATE-OWNED INTELLECTUAL PROPERTY; TO SET OUT THE TERMS OF IMPLEMENTATION OF THE SMART BUSINESS REBATE AND THE SMART BUSINESS ACCELERATE INITIATIVE; TO REDUCE, FROM $5,000,000.00 TO $3,500,000.00, THE MAXIMUM TOTAL AMOUNT OF REBATES ISSUED UNDER THE SMART BUSINESS REBATE BY THE STATE IN ANY ONE FISCAL YEAR; TO AMEND SECTION 37-148-9, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT, FOR EACH SMART BUSINESS ACCELERATE INITIATIVE DISBURSEMENT CERTIFICATE ISSUED IN A GIVEN YEAR, THE REPORT FILED BY THE BOARD OF TRUSTEES OF STATE INSTITUTIONS OF HIGHER LEARNING WITH THE GOVERNOR AND THE LEGISLATURE MUST INCLUDE, BUT NOT NECESSARILY BE LIMITED TO, THE NAME OF THE APPLICANT, A DESCRIPTION OF THE RESEARCH VALIDATION AND THE AMOUNT OF THE DISBURSEMENT; TO CREATE NEW SECTION 37-148-11, MISSISSIPPI CODE OF 1972, TO REPEAL THE SMART BUSINESS ACT ON JULY 1, 2026; AND FOR RELATED PURPOSES.

Statutes affected:
As Introduced: 37-148-3, 37-148-5, 37-148-9
As Passed by the Senate: 37-148-3, 37-148-5, 37-148-9
Approved by the Governor: 37-148-3, 37-148-5, 37-148-9