Section 37-148-3 - [Repealed effective 7/1/2026] DefinitionsAs used in this chapter, the following words and phrases have the meanings ascribed in this section unless the context clearly indicates otherwise:
(a) "College" means the state institutions of higher learning in Mississippi which are accredited by the Southern Association of Colleges and Schools.(b) "Investor" means a natural person, partnership, limited liability company, association, corporation, business trust or other business entity, not formed for the specific purpose of acquiring the rebate offered, which is subject to Mississippi income tax. The term "investor" does not include any medical cannabis establishment as defined in the Mississippi Medical Cannabis Act.(c) "Qualified research" means the systematic investigative process that is undertaken for the purpose of discovering information. The term "qualified research" does not include research conducted outside the State of Mississippi or research expenses that are already being funded by any grant, contract or otherwise by another person or governmental entity.(d) "Research agreement" means a written contract, grant or cooperative agreement entered into between a person and a college or research corporation for the performance of qualified research. All qualified research costs generating a SMART Business Rebate must be spent by the college or research corporation on qualified research undertaken according to a research agreement.(e) "Research corporation" means any research corporation formed under Section 37-147-15 if the corporation is wholly owned by or affiliated with a college and all income and profits of the corporation inure to the benefit of the college.(f) "Qualified research costs" means costs paid or incurred by an investor to a college or research corporation for qualified research undertaken according to a research agreement.(g) "State" means the State of Mississippi or a governmental entity of the State of Mississippi.(h) "IHL" means the Board of Trustees of State Institutions of Higher Learning in Mississippi.(i) "SMART Business" means Strengthening Mississippi Academic Research Through Business.(j) "Applicant" means a college or research corporation applying for SMART Business Accelerate Initiative funds to develop state-owned intellectual property into products and services.(k) "Qualified validation expense" includes, but is not limited to, services that accelerate the development of early product concepts, conducting proof-of-concept studies, and manufacturing prototypes to perform research validation. Qualified validation expense does not include salaries or wages associated with a licensee of state-owned intellectual property, legal fees or any payment in conflict with state law.(l) "Research validation" means research intended to validate the commercial viability of state-owned intellectual property.(m) "Disbursement" means a grant of funds to support research validation.Amended by Laws, 2022, ch. 303, SB 2095,§ 83, eff. 2/2/2022.Amended by Laws, 2021, ch. 465, SB 2839,§ 1, eff. 7/1/2021.Added by Laws, 2013, ch. 540, HB 826, 2, eff. 7/1/2013.