The LC42-550FG was created to be a new, improved version of the Columbia 300. The 350 is set apart from its predecessor by an upgraded glass cockpit and other improvements developed for the turbocharged Model 400 series. Like its predecessors, this plane too has been certified on March 30th 2003 as having passed Lancair Certification with a Continental IO530N engine that outputs 230 kW at 2700 rpm while being able to take off weight up to 3400 lbs and land weights up to 3230 pounds (1465 kg).