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House approves constitutional amendment letting state or public universities take equity for licensed research
Summary
The Utah House passed a constitutional amendment (third substitute HJR 12) that would permit the state or a public postsecondary institution to acquire equity in a private company as consideration for licensing or sale of intellectual property; the measure passed 68‑2 after debate over university accounting and a failed amendment to narrow beneficiaries.
The Utah House on the floor approved the third substitute of House Joint Resolution 12, a proposed constitutional amendment that would create a limited exception to the state's longstanding prohibition on subscribing to stock. The House voted 68 yes to 2 no to advance the resolution to the Senate.
Sponsor Representative Curtis said the amendment would allow the state or a public postsecondary institution to take "an equity interest in the company" as part of a sale, license or other transfer of intellectual property, rather than only licensing patents. Curtis said the constitutional change "allows the…
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