Certification of profit or not-for-profit entities--limitation oninsurance companies, management or direction of certified capitalcompany--seventy-five days to issue or refusecertification--responsibility for administration of taxcredits--rulemaking authority.
135.508. The department may certify profit or not for profit entitieswhich submit an application to be designated as a Missouri certified capitalcompany. The department shall review the organizational documents for eachapplicant for certification and the business history of the applicant,determine that the Missouri certified capital company's cash, marketablesecurities and other liquid assets are at least five hundred thousand dollars,determine that the liquid asset base for certified companies is at least fivehundred thousand dollars at all times during the company's participation inthe program authorized by sections 135.500 to 135.529, and determine that theofficers and the board of directors, partners, trustees or managers arethoroughly acquainted with the requirements of sections 135.500 to 135.529.No insurance company which receives tax credits permitted under sections135.500 to 135.529 for an investment in a Missouri certified capital companyshall, individually or with or through one or more affiliates, be a managinggeneral partner of or control the direction of investments of that Missouricertified capital company. Within seventy-five days of application, thedepartment shall either issue the certification and notify the department ofrevenue and the director of the department of insurance, financialinstitutions and professional registration of such certification or shallrefuse the certification and communicate in detail to the applicant thegrounds for the refusal, including the suggestions for the removal of thosegrounds. The department shall be responsible for the administration of thetax credits authorized by sections 135.500 to 135.529. No rule or portion ofa rule promulgated under the authority of sections 135.500 to 135.529 shallbecome effective unless it has been promulgated pursuant to the provisions ofchapter 536, RSMo. All rulemaking authority delegated prior to June 27, 1997,is of no force and effect and repealed; however, nothing in this section shallbe interpreted to repeal or affect the validity of any rule filed or adoptedprior to June 27, 1997, if such rule complied with the provisions of chapter536, RSMo. The provisions of this section and chapter 536, RSMo, arenonseverable and if any of the powers vested with the general assemblypursuant to chapter 536, RSMo, including the ability to review, to delay theeffective date, or to disapprove and annul a rule or portion of a rule, aresubsequently held unconstitutional, then the purported grant of rulemakingauthority and any rule so proposed and contained in the order of rulemakingshall be invalid and void.
Certification of profit or not-for-profit entities--limitation oninsurance companies, management or direction of certified capitalcompany--seventy-five days to issue or refusecertification--responsibility for administration of taxcredits--rulemaking authority.
135.508. The department may certify profit or not for profit entitieswhich submit an application to be designated as a Missouri certified capitalcompany. The department shall review the organizational documents for eachapplicant for certification and the business history of the applicant,determine that the Missouri certified capital company's cash, marketablesecurities and other liquid assets are at least five hundred thousand dollars,determine that the liquid asset base for certified companies is at least fivehundred thousand dollars at all times during the company's participation inthe program authorized by sections 135.500 to 135.529, and determine that theofficers and the board of directors, partners, trustees or managers arethoroughly acquainted with the requirements of sections 135.500 to 135.529.No insurance company which receives tax credits permitted under sections135.500 to 135.529 for an investment in a Missouri certified capital companyshall, individually or with or through one or more affiliates, be a managinggeneral partner of or control the direction of investments of that Missouricertified capital company. Within seventy-five days of application, thedepartment shall either issue the certification and notify the department ofrevenue and the director of the department of insurance, financialinstitutions and professional registration of such certification or shallrefuse the certification and communicate in detail to the applicant thegrounds for the refusal, including the suggestions for the removal of thosegrounds. The department shall be responsible for the administration of thetax credits authorized by sections 135.500 to 135.529. No rule or portion ofa rule promulgated under the authority of sections 135.500 to 135.529 shallbecome effective unless it has been promulgated pursuant to the provisions ofchapter 536, RSMo. All rulemaking authority delegated prior to June 27, 1997,is of no force and effect and repealed; however, nothing in this section shallbe interpreted to repeal or affect the validity of any rule filed or adoptedprior to June 27, 1997, if such rule complied with the provisions of chapter536, RSMo. The provisions of this section and chapter 536, RSMo, arenonseverable and if any of the powers vested with the general assemblypursuant to chapter 536, RSMo, including the ability to review, to delay theeffective date, or to disapprove and annul a rule or portion of a rule, aresubsequently held unconstitutional, then the purported grant of rulemakingauthority and any rule so proposed and contained in the order of rulemakingshall be invalid and void.
Certification of profit or not-for-profit entities--limitation oninsurance companies, management or direction of certified capitalcompany--seventy-five days to issue or refusecertification--responsibility for administration of taxcredits--rulemaking authority.
135.508. The department may certify profit or not for profit entitieswhich submit an application to be designated as a Missouri certified capitalcompany. The department shall review the organizational documents for eachapplicant for certification and the business history of the applicant,determine that the Missouri certified capital company's cash, marketablesecurities and other liquid assets are at least five hundred thousand dollars,determine that the liquid asset base for certified companies is at least fivehundred thousand dollars at all times during the company's participation inthe program authorized by sections 135.500 to 135.529, and determine that theofficers and the board of directors, partners, trustees or managers arethoroughly acquainted with the requirements of sections 135.500 to 135.529.No insurance company which receives tax credits permitted under sections135.500 to 135.529 for an investment in a Missouri certified capital companyshall, individually or with or through one or more affiliates, be a managinggeneral partner of or control the direction of investments of that Missouricertified capital company. Within seventy-five days of application, thedepartment shall either issue the certification and notify the department ofrevenue and the director of the department of insurance, financialinstitutions and professional registration of such certification or shallrefuse the certification and communicate in detail to the applicant thegrounds for the refusal, including the suggestions for the removal of thosegrounds. The department shall be responsible for the administration of thetax credits authorized by sections 135.500 to 135.529. No rule or portion ofa rule promulgated under the authority of sections 135.500 to 135.529 shallbecome effective unless it has been promulgated pursuant to the provisions ofchapter 536, RSMo. All rulemaking authority delegated prior to June 27, 1997,is of no force and effect and repealed; however, nothing in this section shallbe interpreted to repeal or affect the validity of any rule filed or adoptedprior to June 27, 1997, if such rule complied with the provisions of chapter536, RSMo. The provisions of this section and chapter 536, RSMo, arenonseverable and if any of the powers vested with the general assemblypursuant to chapter 536, RSMo, including the ability to review, to delay theeffective date, or to disapprove and annul a rule or portion of a rule, aresubsequently held unconstitutional, then the purported grant of rulemakingauthority and any rule so proposed and contained in the order of rulemakingshall be invalid and void.
