SECONDREGULARSESSION
HOUSEBILLNO.1885
101STGENERALASSEMBLY
INTRODUCEDBYREPRESENTATIVEPOLLITT(52).
4365H.01I DANARADEMANMILLER,ChiefClerk
ANACT
Toamendchapter620,RSMo,byaddingtheretosevennewsectionsrelatingtorural
workforcedevelopmentincentives,withpenaltyprovisions.
BeitenactedbytheGeneralAssemblyofthestateofMissouri,asfollows:
SectionA.Chapter620,RSMo,isamendedbyaddingtheretosevennewsections,to
2beknownassections620.3500,620.3505,620.3510,620.3515,620.3520,620.3525,and
3620.3530,toreadasfollows:
620.3500.Sections620.3500to620.3530shallbeknownandmaybecitedasthe
2"MissouriRuralWorkforceDevelopmentAct".
620.3505.Asusedinsections620.3500to620.3530,thefollowingtermsshall
2mean:
3 (1)"Affiliate",anentitythatdirectly,orindirectlythroughoneormore
4intermediaries,controls,iscontrolledby,orisundercommoncontrolwithanother
5entity.Anentityiscontrolledbyanotherentityifthecontrollingentityholds,directlyor
6indirectly,themajorityvotingorownershipinterestinthecontrolledentityorhas
7controloverday-to-dayoperationsofthecontrolledentitybycontractorbylaw;
8 (2)"Agribusiness",abusinessthatproducesorprovidesanygoodsorservices
9producedinthisstateandthatarenormallyusedbyfarmers,ranchers,orproducers
10andharvestersofaquaticproductsintheirbusinessoperations,ortoimprovethe
11welfareorlivelihoodofsuchpersons,orisinvolvedintheprocessingandmarketingof
12agriculturalproducts,farmsupplies,andinputsuppliers,orisengagedinagribusiness
13asdefinedbytheUnitedStatesDepartmentofAgriculture,orisengagedin
14manufacturing,healthcare,technology,transportation,orrelatedservices,orifnot
EXPLANATION—Matterenclosedinbold-facedbrackets[thus] intheabovebillisnotenactedandis
intendedtobeomittedfromthelaw.Matterinbold-facetypeintheabovebillisproposedlanguage. 15engagedinsuchindustries,thedepartmentdeterminesthatsuchinvestmentwillbe
16beneficialtotheruralareaandtheeconomicgrowthofthestate;
17 (3)"Applicablepercentage",zeropercentforthefirsttwocreditallowancedates
18andfifteenpercentforthenextfourcreditallowancedates;
19 (4)"Capitalinvestment",anyequityinvestmentinaruralfundbyarural
20investorthat:
21 (a)Isacquiredaftertheeffectivedateofsections620.3500to620.3530atits
22originalissuancesolelyinexchangeforcash;
23 (b)Hasonehundredpercentofitscashpurchasepriceusedbytheruralfundto
24makequalifiedinvestmentsineligiblebusinesseslocatedinthisstatebythethird
25anniversaryoftheinitialcreditallowancedate;and
26 (c)Isdesignatedbytheruralfundasacapitalinvestmentundersections
27620.3500to620.3530andiscertifiedbythedepartmentundertheprovisionsofsection
28620.3510.Thisshallincludeanycapitalinvestmentthatdoesnotmeettheprovisionsof
29subdivision(1)ofsubsection1ofsection620.3510ifsuchinvestmentwasacapital
30investmentinthehandsofapriorholder;
31 (5)"Creditallowancedate",thedateonwhichthedepartmentcertifiesarural
32fund'scapitalinvestmentandeachofthefiveanniversarydatesofsuchdatethereafter;
33 (6)"Department",theMissouridepartmentofeconomicdevelopment;
34 (7)"Eligiblebusiness",abusinessthat,atthetimeoftheinitialqualified
35investmentinthebusiness:
36 (a)Hasfewerthantwohundredfiftyemployees;and
37 (b)Hasitsprincipalbusinessoperationsinthisstate.
38
39Anybusinessthatisclassifiedasaneligiblebusinessatthetimeoftheinitialinvestment
40insuchbusinessbyaruralfundshallremainclassifiedasaneligiblebusinessandmay
41receivefollow-oninvestmentsfromanyruralfund,andsuchfollow-oninvestmentsshall
42bequalifiedinvestmentseventhoughsuchbusinessmaynotmeetthedefinitionofan
43eligiblebusinessatthetimeofsuchfollow-oninvestments;
44 (8)"Principalbusinessoperations",thelocationwhereatleastsixtypercentofa
45business'semployeesworkorwhereemployeeswhoarepaidatleastsixtypercentof
46suchbusiness'spayrollwork.Abusinessthathasagreedtorelocateemployeesusingthe
47proceedsofaqualifiedinvestmenttoestablishitsprincipalbusinessoperationsinanew
48locationshallbedeemedtohaveitsprincipalbusinessoperationsinsuchnewlocationif
49itsatisfiedtherequirementsofthissubdivisionnolaterthanonehundredeightydays
50afterreceivingaqualifiedinvestment;
HB1885 2 51 (9)"Purchaseprice",theamountpaidtotheruralfundthatissuesacapital
52investment,whichshallnotexceedtheamountofcapitalinvestmentauthoritycertified
53undertheprovisionsofsection620.3510;
54 (10)"Qualifiedinvestment",anyinvestmentinaneligiblebusinessoranyloan
55toaneligiblebusinesswithastatedmaturitydateofatleastoneyearafterthedateof
56issuance,excludingrevolvinglinesofcreditandseniorsecureddebtunlessthechief
57executiveorsimilarofficeroftheeligiblebusinesscertifiesthattheeligiblebusiness
58soughtandwasdeniedsimilarfinancingfromadepositoryinstitution,byaruralfund;
59providedthat,withrespecttoanyoneeligiblebusiness,themaximumamountof
60investmentsmadeinsuchbusinessbyoneormoreruralfunds,onacollectivebasiswith
61allofthebusiness'saffiliates,withtheproceedsofcapitalinvestmentsshallbethe
62greateroftwentypercentoftheruralfund'scapitalinvestmentauthorityorsixmillion
63fivehundredthousanddollars,exclusiveofinvestmentsmadewithrepaidorredeemed
64investmentsorinterestorprofitsrealizedthereon;
65 (11)"Ruralarea",anycountyofthisstatethathasapopulationoflessthan
66ninetythousandinhabitantsaccordingtothe2010decennialcensusoftheUnitedStates;
67 (12)"Ruralfund",anentitycertifiedbythedepartmentundertheprovisionsof
68section620.3510;
69 (13)"Ruralinvestor",anentitythatmakesacapitalinvestmentinaruralfund;
70 (14)"Seniorsecureddebt",anyloanthatissecuredbyafirstmortgageonreal
71estatewithaloan-to-valueratiooflessthaneightypercent;
72 (15)"Statetaxliability",anyliabilityincurredbyanyentitysubjecttothestate
73incometaximposedunderchapter143,excludingwithholdingtaximposedunder
74sections143.191to143.265,oraninsurancecompanypayinganannualtaxonitsgross
75premiumreceipts,includingretaliatorytax,orotherfinancialinstitutionpayingtaxesto
76thestateoranypoliticalsubdivisionofthestateundertheprovisionsofchapter148,or
77anexpresscompanythatpaysanannualtaxonitsgrossreceiptsinthisstate.
620.3510.1.Aruralfundthatseekstohaveanequityinvestmentcertifiedasa
2capitalinvestmenteligibleforcreditsauthorizedundertheprovisionsofsections
3620.3500to620.3530shallapplytothedepartment.Thedepartmentshallbegin
4acceptingapplicationswithinninetydaysoftheeffectivedateofsections620.3500to
5620.3530.Theapplicationshallinclude:
6 (1)Theamountofcapitalinvestmentrequested;
7 (2)Acopyoftheapplicant'soranaffiliateoftheapplicant'slicenseasarural
8businessinvestmentcompanyunder7U.S.C.Section2009ccorasasmallbusiness
9investmentcompanyunder15U.S.C.Section681,andacertificateexecutedbyan
HB1885 3 10executiveofficeroftheapplicantattestingthatsuchlicenseremainsineffectandhasnot
11beenrevoked;
12 (3)Evidencethat,asofthedatetheapplicationissubmitted,theapplicantor
13affiliatesoftheapplicanthaveinvested:
14 (a)Atleastonehundredmilliondollarsinnonpubliccompanieslocatedin
15countieswithintheUnitedStateswithapopulationoflessthanfiftythousand
16inhabitantsaccordingtothe2010decennialcensusofUnitedStates;and
17 (b)AtleastthirtymilliondollarsinnonpubliccompanieslocatedinMissouri;
18 (4)Abusinessplanthatincludesarevenueimpactassessmentprojectingstate
19andlocaltaxrevenuetobegeneratedbytheapplicant'sproposedqualifiedinvestments,
20preparedbyanationallyrecognized,third-party,independenteconomicforecasting
21firmusingadynamiceconomicforecastingmodelthatanalyzestheapplicant'sbusiness
22planoverthetenyearsfollowingthedatetheapplicationissubmittedtothe
23department.Suchplanshallincludeanestimateofthenumberofjobscreatedandjobs
24retainedinthisstateasaresultoftheapplicant'squalifiedinvestments;and
25 (5)Anonrefundableapplicationfeeoffivethousanddollarspayabletothe
26department.
27 2.Withinthirtydaysafterthereceiptofacompletedapplication,the
28departmentshallgrantordenytheapplicationinfullorinpart.Thedepartmentshall
29denytheapplicationif:
30 (1)Theapplicantdoesnotsatisfyallofthecriteriaprovidedundersubsection1
31ofthissection;
32 (2)Therevenueimpactassessmentsubmittedwiththeapplicationdoesnot
33demonstratethattheapplicant'sbusinessplanwillresultinapositivefiscalimpacton
34thisstateoveraten-yearperiodthatexceedsthecumulativeamountoftaxcreditsthat
35wouldbeissuedtotheapplicantiftheapplicationwereapproved;or
36 (3)Thedepartmenthasalreadyapprovedthemaximumamountofcapital
37investmentauthorityundersection620.3515.
38 3.Ifthedepartmentdeniesanypartoftheapplication,itshallinformthe
39applicantofthegroundsforsuchdenial.Iftheapplicantprovidesanyadditional
40informationrequiredbythedepartmentorotherwisecompletesitsapplicationwithin
41fifteendaysofthenoticeofdenial,theapplicationshallbeconsideredcompleteasofthe
42originaldateofsubmission.Iftheapplicantfailstoprovidetheinformationorfailsto
43completeitsapplicationwithinthefifteen-dayperiod,theapplicationshallremain
44deniedandshallberesubmittedinfullwithanewsubmissiondateandanew
45applicationfee.
HB1885 4 46 4.Uponapprovalofanapplication,thedepartmentshallcertifytheproposed
47equityinvestmentasacapitalinvestmenteligibleforcreditsundersections620.3500to
48620.3530,subjecttothelimitationscontainedinsection620.3515.Thedepartmentshall
49providewrittennoticeofthecertificationtotheapplicant,whichshallincludethe
50amountoftheapplicant'scapitalinvestmentauthority.Thedepartmentshallcertify
51capitalinvestmentsintheorderthattheapplicationsarereceivedbythedepartment.
52Applicationsreceivedonthesamedayshallbedeemedtohavebeenreceived
53simultaneously.Forapplicationsthatarecompleteandreceivedonthesameday,the
54departmentshallcertifyapplicationsinproportionatepercentagesbasedupontheratio
55oftheamountofcapitalinvestmentauthorityrequestedinanapplicationtothetotal
56amountofcapitalinvestmentauthorityrequestedinallapplications.
620.3515.1.Thedepartmentshallcertifycapitalinvestmentauthorityunderthe
2provisionsofsections620.3500to620.3530inamountsthatwouldauthorizenotmore
3thantwenty-fivemilliondollarsinstatetaxcreditstobeclaimedagainststatetax
4liabilityinanycalendaryear,excludinganycreditamountscarriedforwardasprovided
5undersubsection1ofsection620.3520.Withinninetydaysoftheapplicantreceiving
6noticeofcertification,theruralfundshallissuethecapitalinvestmentto,andreceive
7cashintheamountofthecertifiedamountfrom,aruralinvestor.Atleasttenpercentof
8theruralinvestor'scapitalinvestmentshallbecomposedofcapitalraisedbytherural
9investordirectlyorindirectlyfromsources,includingdirectors,members,employees,
10officers,andaffiliatesoftheruralinvestor,otherthantheamountinvestedbythe
11allocateeclaimingthetaxcreditsinexchangeforsuchallocationoftaxcredits.The
12ruralfundshallprovidethedepartmentwithevidenceofthereceiptofthecash
13investmentwithinninety-fivedaysoftheapplicantreceivingnoticeofcertification.
14 2.Iftheruralfunddoesnotreceivethecashinvestmentandissuethecapital
15investmentwithinsuchtimeperiodfollowingreceiptofthecertificationnotice,the
16certificationshalllapseandtheruralfundshallnotissuethecapitalinvestmentwithout
17reapplyingtothedepartmentforcertification.Lapsedcertificationsshallreverttothe
18departmentandshallbereissuedproratatoapplicantswhosecapitalinvestment
19allocationswerereducedinaccordancewiththeapplicationprocessprovidedunder
20subsection4ofsection620.3510.
21 3.Aruralfund,beforemakingaqualifiedinvestment,mayrequestfromthe
22departmentawrittenopinionastowhetherthebusinessinwhichitproposestoinvestis
23aneligiblebusiness.Thedepartment,notlaterthanthefifteenthbusinessdayafterthe
24dateofreceiptofsuchrequest,shallnotifytheruralfundofitsdetermination.Ifthe
25departmentfailstonotifytheruralfundofitsdeterminationbythetwentiethbusiness
HB1885 5 26day,thebusinessinwhichtheruralfundproposestoinvestshallbedeemedaneligible
27business.
620.3520.1.Uponmakingacapitalinvestmentinaruralfund,aruralinvestor
2shallhaveavestedrighttoacreditagainstsuchentity'sstatetaxliabilitythatmaybe
3utilizedoneachcreditallowancedateofsuchcapitalinvestmentinanamountequalto
4theapplicablepercentageforsuchcreditallowancedatemultipliedbythepurchase
5pricepaidtotheruralfundforthecapitalinvestment.Theamountofthecredit
6claimedbyaruralinvestorshallnotexceedtheamountofsuchentity'sstatetaxliability
7forthetaxyearforwhichthecreditisclaimed.Anyamountofcreditthatarural
8investorisprohibitedfromclaiminginataxableyearasaresultofthissectionmaybe
9carriedforwardforuseinanyofthefivesubsequenttaxableyears,andshallnotbe
10carriedbacktopriortaxableyears.Itistheintentofsections620.3500to620.3530that
11aruralinvestorclaimingacreditundertheprovisionsofsections620.3500to620.3530
12isnotrequiredtopayanyadditionaltaxthatmayariseasaresultofclaimingsuch
13credit.
14 2.Nocreditclaimedundertheprovisionsofsections620.3500to620.3530shall
15berefundableorsellableontheopenmarket.Creditsearnedbyorallocatedtoa
16partnership,limitedliabilitycompany,orScorporationmaybeallocatedtothe
17partners,members,orshareholdersofsuchentityfortheirdirectuseinaccordance
18withtheprovisionsofanyagreementamongsuchpartners,members,orshareholders,
19andaruralfundshallnotifythedepartmentofthenamesoftheentitiesthatareeligible
20toutilizecreditspursuanttoanallocationofcreditsorachangeinallocationofcredits,
21orduetoatransferofacapitalinvestmentuponsuchallocation,change,ortransfer.
22Suchallocationshallnotbeconsideredasaleforthepurposesofthissection.
23 3.Thedepartmentmayrecapturecreditsfromataxpayerthatclaimedacredit
24authorizedunderthissectionif:
25 (1)Theruralfunddoesnotinvestsixtypercentofitscapitalinvestment
26authorityinqualifiedinvestmentsinthisstatewithintwoyearsofthecreditallowance
27date,andonehundredpercentofitscapitalinvestmentauthorityinqualified
28investmentsinthisstatewithinthreeyearsofthecreditallowancedate,providedthat
29atleastseventypercentofsuchinitialqualifiedinvestmentsshallbemadeineligible
30businesseslocatedinruralareasoreligiblebusinessesthatarealsoagribusinesses;
31 (2)Theruralfundfailstomaintainqualifiedinvestmentsequaltoninetypercent
32ofitscapitalinvestmentauthorityfromthethirdanniversaryuntilthesixthanniversary
33ofthecreditallowancedate,withseventypercentofsuchinvestmentsmaintainedin
34eligiblebusinesseslocatedinruralareasoreligiblebusinessesthatarealso
35agribusinesses.Foreachyeartheruralfundfailstomaintainsuchinvestments,the
HB1885 6 36departmentmayrecaptureanamountofsuchyear'sallowedcreditsequaltothe
37percentagedifferencebetweenninetypercentofaruralfund'scapitalinvestment
38authorityandtheactualamountofqualifiedinvestmentsmaintainedforsuchyear.For
39thepurposesofthissubdivision,aqualifiedinvestmentisconsideredmaintainedevenif
40thequalifiedinvestmentwassoldorrepaidsolongastheruralfundreinvestsan
41amountequaltothecapitalreturnedorrecoveredbytheruralfundfromtheoriginal
42investment,exclusiveofanyprofitsrealized,inotherqualifiedinvestmentsinthisstate
43withintwelvemonthsofthereceiptofsuchcapital.Amountsreceivedperiodicallybya
44ruralfundshallbetreatedascontinuallyinvestedinqualifiedinvestmentsifthe
45amountsarereinvestedinoneormorequalifiedinvestmentsbytheendofthefollowing
46calendaryear.Aruralfundshallnotberequiredtoreinvestcapitalreturnedfrom
47qualifiedinvestmentsafterthefifthanniversaryofthecreditallowancedate,andsuch
48qualifiedinvestmentsshallbeconsideredheldcontinuouslybytheruralfundthrough
49thesixthanniversaryofthecreditallowancedate;
50 (3)Theruralfund,beforeexitingtheprograminaccordancewithsections
51620.3500to620.3530orpriortothirtydaysafterthesixthanniversaryofthecredit
52allowancedate,whicheverisearlier,makesadistributionorpaymentthatresultsinthe
53ruralfundhavinglessthanonehundredpercentofitscapitalinvestmentauthority
54investedinqualifiedinvestmentsinthisstateorheldincashorothermarketable
55securities;or
56 (4)Theruralfundviolatestheprovisionsofsection620.3525,inwhichcasethe
57departmentmayrecaptureanamountequaltotheamountofaruralfund'scapital
58investmentauthorityfoundtobeinviolationofsuchprovisions.
59
60Forthepurposesofmeetingandmaintainingtheobjectivesestablishedforinvestment
61insubdivisions(1)and(2)ofthissubsection,aruralfund'squalifiedinvestmentsshall
62bemultipliedbyafactorofoneandaquarterincountieswithlessthanthirtythousand
63inhabitantsinpopulationandmorethanthirteenthousandinhabitantsinpopulation
64andshallbemultipliedbyafactorofoneandone-halfincountieswithapopulationof
65thirteenthousandinhabitantsorless.
66 4.Recapturedcreditsandtherelatedcapitalinvestmentauthorityshallrevertto
67thedepartmentandshallbereissuedproratatoapplicantswhosecapitalinvestment
68allocationswerereducedinaccordancewiththeapplicationprocessprovidedunder
69subsection4ofsection620.3510.
70 5.Norecaptureshalloccuruntiltheruralfundhasbeengivennoticeof
71noncomplianceandaffordedsixmonthsfromthedateofsuchnoticetocurethe
72noncompliance.
HB1885 7 620.3525.Noeligiblebusinessthatreceivesaqualifiedinvestmentunderthe
2provisionsofsections620.3500to620.3530,oranyaffiliatesofsucheligiblebusinesses,
3shalldirectlyorindirectly:
4 (1)Ownorhavetherighttoacquireanownershipinterestinaruralfundor
5memberoraffiliateofaruralfundincluding,butnotlimitedto,aholderofacapital
6investmentissuedbytheruralfund;or
7 (2)Loantoorinvestinaruralfundormemberoraffiliateofaruralfund
8including,butnotlimitedto,aholderofacapitalinvestmentissuedbyaruralfund,
9wheretheproceedsofsuchloanorinvestmentaredirectlyorindirectlyusedtofundor
10refinancethepurchaseofacapitalinvestmentundersections620.3500to620.3530.
620.3530.1.Ruralfundsshallsubmitareporttothedepartmentwithinthefirst
2fifteenbusinessdaysafterthesecondandthirdanniversariesoftheinitialcredit
3allowancedate.Thereportfollowingthesecondanniversaryshallprovide
4documentationastotheinvestmentofsixtypercentofthepurchasepriceofsuch
5capitalinvestmentinqualifiedinvestments.Thereportfollowingthethirdanniversary
6shallprovidedocumentationastotheinvestmentofonehundredpercentofthe
7purchasepriceofsuchcapitalinvestmentinqualifiedinvestments.Unlesspreviously
8reportedunderthissubsection,suchreportsshallalsoinclude:
9 (1)Thenameandlocationofeacheligiblebusinessreceivingaqualified
10investment;
11 (2)Bankstatementsofsuchruralfundevidencingeachqualifiedinvestment;
12 (3)Acopyofthewrittenopinionofthedepartment,asprovidedinsubsection3
13ofsection620.3515,orevidencethatsuchbusinesswasaneligiblebusinessatthetimeof
14suchqualifiedinvestment,asapplicable;
15 (4)Thenumberofjobscreatedandjobsretainedresultingfromeachqualified
16investment;
17 (5)Theaverageannualsalaryofpositionsdescribedinsubdivision(4)ofthis
18subsection;and
19 (6)Suchotherinformationasrequiredbythedepartment.
20 2.Forallsubsequentyears,ruralfundsshallsubmitanannualreporttothe
21departmentwithinninetydaysofthebeginningofthecalendaryearduringthe
22complianceperiod.Thereportshallinclude,butisnotlimitedto,thefollowing:
23 (1)Thenumberofjobscreatedandjobsretainedasaresultofqualified
24investments;
25 (2)Theaverageannualsalaryofpositionsdescribedinsubdivision(1)ofthis
26subsection;and
27 (3)Suchotherinformationasrequiredbythedepartment.
HB1885 8 28 3.Theprogramauthorizedundersections620.3500to620.3530shallbe
29consideredabusinessrecruitmenttaxcreditundersubdivision(4)ofsubsection2of
30section135.800,andanyruralfundapprovedunderthisprogramshallbesubjecttothe
31provisionsofsections135.800to135.830.
32 4.Onorafterthesixthanniversaryofthecreditallowancedate,aruralfund
33mayapplytothedepartmenttoexittheprogramandnolongerbesubjecttoregulation
34undertheprovisionsofsections620.3500to620.3530.Thedepartmentshallrespondto
35theexitapplicationwithinfifteendaysofreceipt.Inevaluatingtheexitapplication,the
36factthatnocreditshavebeenrecapturedandthattheruralfundhasnotreceiveda
37noticeofrecapturethathasnotbeencuredundersubsection5ofsection620.3520shall
38besufficientevidencetoprovethattheruralfundiseligibleforexit.Thedepartment
39shallnotunreasonablydenyanexitapplicationsubmittedunderthissubsection.Ifthe
40exitapplicationisdenied,thenoticeshallincludethereasonsforsuchdetermination.
41 5.Atthetimearuralfundexitstheprogram,itshallbesubjecttothefollowing
42penaltiesifprojectedjobcreationmetricsarenotachieved:
43 (1)Ifsixtypercentorlessoftheprojectedjobsintheruralfund'sapproved
44businessplanareachieved,theruralfundshallpaythestateapenaltypaymentofcash
45inanamountequaltotenpercentofthetotaltaxcreditsdistributedtotheruralfund;
46or
47 (2)Ifmorethansixtypercentbutlessthaneightypercentoftheprojectedjobs
48intheruralfund'sapprovedbusinessplanareachieved,theruralfundshallpaythe
49stateapenaltypaymentofcashinanamountequaltofivepercentofthetotaltaxcredits
50distributedtotheruralfund.
51 6.Thedepartmentshallnotacceptanynewapplicationsfortaxcreditsunder
52sections620.3500to620.3530afterDecember31,2032.
53 7.Thedepartmentmayadoptsuchrules,statementsofpolicy,procedures,
54forms,andguidelinesasmaybenecessarytocarryouttheprovisionsofsections
55620.3500to620.3530.Anyruleorportionofarule,asthattermisdefinedinsection
56536.010,thatiscreatedundertheauthoritydelegatedinthissectionshallbecome
57effectiveonlyifitcomplieswithandissubjecttoalloftheprovisionsofchapter536and,
58ifapplicable,section536.028.Thissectionandchapter536arenonseverable,andifany
59ofthepowersvestedwiththegeneralassemblypursuanttochapter536toreview,to
60delaytheeffectivedate,ortodisapproveandannularulearesubsequentlyheld
61unconstitutional,thenthegrantofrulemakingauthorityandanyruleproposedor
62adoptedafterAugust28,2022,shallbeinvalidandvoid.
âś”
HB1885 9