1623-S2 AMH CHAS MCLA 054

2SHB 1623 - H AMD

By Representative Chase

   On page 6, after line 14, insert the following:

   "NEW SECTION. Sec. 8. LICENSE AND ROYALTY REVENUE. The authority shall deposit into the state general fund seven percent of license or royalty income from any licensing agreement involving intellectual property resulting from research funded by the life sciences discovery account. The authority shall ensure that agreements and contracts entered into under this act contain provisions necessary to implement this section."

   Renumber the remaining sections consecutively and correct internal references accordingly.

EFFECT: Requires 7% of license or royalty income from intellectual property originally funded by the life sciences discovery account to be deposited in the state general fund.