Florida Senate - 2009 CS for SB 1644
By the Committee on Commerce; and Senator Ring
577-03419-09 20091644c1
1 A bill to be entitled
2 An act relating to economic development; creating the
3 “Micro-Targeted Technology Commercialization Act”;
4 providing that the purpose of the act is to promote
5 the commercialization of certain technologies by
6 startup and early stage companies in this state;
7 amending s. 213.053, F.S.; authorizing the Department
8 of Revenue to share certain confidential information
9 with the Office of Tourism, Trade, and Economic
10 Development; amending s. 220.02, F.S.; adding the tax
11 credits available under s. 220.194, F.S., to the list
12 of credits which may be taken against state corporate
13 income tax; amending s. 220.13, F.S.; redefining the
14 term “adjusted federal income” to prohibit a seller
15 from deducting from his or her taxable income any net
16 operating loss transferred pursuant to the act;
17 amending s. 220.16, F.S.; providing for allocation of
18 specified nonbusiness income to the state; creating s.
19 220.194, F.S.; creating the Micro-Targeted Technology
20 Commercialization Credit Transfer Program; providing
21 intent, goals, and objectives; providing definitions;
22 requiring that the Institute for the Commercialization
23 of Public Research identify examples of micro-targeted
24 technology and compile a list of the technology for
25 the Office of Tourism, Trade, and Economic
26 Development; requiring the office to certify eligible
27 companies for the transfer of corporate income tax net
28 operating loss amounts as certified credits; providing
29 qualifications and an application process and
30 requirements; requiring an application fee; providing
31 for an application deadline; requiring the office to
32 grant or deny an application within a specified time
33 after receiving a completed application; providing for
34 calculating the certified credit amount; providing a
35 maximum amount that may be transferred; providing a
36 penalty; requiring each certified company to file an
37 annual report with the office; requiring the office
38 and the Department of Revenue to adopt rules; creating
39 s. 288.95, F.S.; creating the Micro-Targeted
40 Technology Commercialization Assistance Grant Program;
41 providing intent, goals, and objectives of the grant
42 program; directing the Office of Tourism, Trade, and
43 Economic Development to manage the grant program;
44 directing the Florida Institute for the
45 Commercialization of Public Research to review grant
46 applications and submit recommendations to the Office
47 of Tourism, Trade, and Economic Development;
48 specifying eligibility requirements for grants;
49 specifying the grant amount; detailing the permissible
50 uses of the grant funds; requiring the Office of
51 Tourism, Trade, and Economic Development to prepare an
52 annual report; providing rulemaking authority;
53 directing the Office of Program Policy Analysis and
54 Government Accountability to review the program and
55 prepare a report; providing an appropriation;
56 providing for an allocation of the funds; providing
57 for future repeal of the credit transfer program and
58 the grant program; providing an effective date.
59
60 Be It Enacted by the Legislature of the State of Florida:
61
62 Section 1. Short title.—This act may be cited as the
63 “Micro-Targeted Technology Commercialization Act.”
64 Section 2. Legislative purpose.—The purpose of this act is
65 to promote the commercialization of certain technologies by
66 startup and early stage Florida companies, and to create high
67 wage jobs in these industry sectors. The act creates two
68 financial mechanisms to promote commercialization efforts: a net
69 operating loss credit transfer program and a commercialization
70 grant program.
71 Section 3. Paragraph (z) is added to subsection (8) of
72 section 213.053, Florida Statutes, to read:
73 213.053 Confidentiality and information sharing.—
74 (8) Notwithstanding any other provision of this section,
75 the department may provide:
76 (z) Information relative to tax credits taken under s.
77 220.194 to the Office of Tourism, Trade, and Economic
78 Development.
79
80 Disclosure of information under this subsection shall be
81 pursuant to a written agreement between the executive director
82 and the agency. Such agencies, governmental or nongovernmental,
83 shall be bound by the same requirements of confidentiality as
84 the Department of Revenue. Breach of confidentiality is a
85 misdemeanor of the first degree, punishable as provided by s.
86 775.082 or s. 775.083.
87 Section 4. Subsection (8) of section 220.02, Florida
88 Statutes, is amended to read:
89 220.02 Legislative intent.—
90 (8) It is the intent of the Legislature that credits
91 against either the corporate income tax or the franchise tax be
92 applied in the following order: those enumerated in s. 631.828,
93 those enumerated in s. 220.191, those enumerated in s. 220.181,
94 those enumerated in s. 220.183, those enumerated in s. 220.182,
95 those enumerated in s. 220.1895, those enumerated in s. 221.02,
96 those enumerated in s. 220.184, those enumerated in s. 220.186,
97 those enumerated in s. 220.1845, those enumerated in s. 220.19,
98 those enumerated in s. 220.185, those enumerated in s. 220.187,
99 those enumerated in s. 220.192, and those enumerated in s.
100 220.193, and those enumerated in s. 220.194.
101 Section 5. Paragraph (b) of subsection (1) of section
102 220.13, Florida Statutes, is amended to read:
103 220.13 “Adjusted federal income” defined.—
104 (1) The term “adjusted federal income” means an amount
105 equal to the taxpayer’s taxable income as defined in subsection
106 (2), or such taxable income of more than one taxpayer as
107 provided in s. 220.131, for the taxable year, adjusted as
108 follows:
109 (b) Subtractions.—
110 1. There shall be subtracted from such taxable income:
111 a. The net operating loss deduction allowable for federal
112 income tax purposes under s. 172 of the Internal Revenue Code
113 for the taxable year,
114 b. The net capital loss allowable for federal income tax
115 purposes under s. 1212 of the Internal Revenue Code for the
116 taxable year,
117 c. The excess charitable contribution deduction allowable
118 for federal income tax purposes under s. 170(d)(2) of the
119 Internal Revenue Code for the taxable year, and
120 d. The excess contributions deductions allowable for
121 federal income tax purposes under s. 404 of the Internal Revenue
122 Code for the taxable year, except that any net operating loss
123 transferred pursuant to s. 220.194 may not be deducted by the
124 seller.
125
126 However, a net operating loss and a capital loss shall never be
127 carried back as a deduction to a prior taxable year, but all
128 deductions attributable to such losses shall be deemed net
129 operating loss carryovers and capital loss carryovers,
130 respectively, and treated in the same manner, to the same
131 extent, and for the same time periods as are prescribed for such
132 carryovers in ss. 172 and 1212, respectively, of the Internal
133 Revenue Code.
134 2. There shall be subtracted from such taxable income any
135 amount to the extent included therein the following:
136 a. Dividends treated as received from sources without the
137 United States, as determined under s. 862 of the Internal
138 Revenue Code.
139 b. All amounts included in taxable income under s. 78 or s.
140 951 of the Internal Revenue Code.
141
142 However, as to any amount subtracted under this subparagraph,
143 there shall be added to such taxable income all expenses
144 deducted on the taxpayer’s return for the taxable year which are
145 attributable, directly or indirectly, to such subtracted amount.
146 Further, no amount shall be subtracted with respect to dividends
147 paid or deemed paid by a Domestic International Sales
148 Corporation.
149 3. In computing “adjusted federal income” for taxable years
150 beginning after December 31, 1976, there shall be allowed as a
151 deduction the amount of wages and salaries paid or incurred
152 within this state for the taxable year for which no deduction is
153 allowed pursuant to s. 280C(a) of the Internal Revenue Code
154 (relating to credit for employment of certain new employees).
155 4. There shall be subtracted from such taxable income any
156 amount of nonbusiness income included therein, including
157 payments received for a certified tax credit pursuant to s.
158 220.194.
159 5. There shall be subtracted any amount of taxes of foreign
160 countries allowable as credits for taxable years beginning on or
161 after September 1, 1985, under s. 901 of the Internal Revenue
162 Code to any corporation which derived less than 20 percent of
163 its gross income or loss for its taxable year ended in 1984 from
164 sources within the United States, as described in s.
165 861(a)(2)(A) of the Internal Revenue Code, not including credits
166 allowed under ss. 902 and 960 of the Internal Revenue Code,
167 withholding taxes on dividends within the meaning of sub
168 subparagraph 2.a., and withholding taxes on royalties, interest,
169 technical service fees, and capital gains.
170 6. Notwithstanding any other provision of this code, except
171 with respect to amounts subtracted pursuant to subparagraphs 1.
172 and 3., any increment of any apportionment factor which is
173 directly related to an increment of gross receipts or income
174 which is deducted, subtracted, or otherwise excluded in
175 determining adjusted federal income shall be excluded from both
176 the numerator and denominator of such apportionment factor.
177 Further, all valuations made for apportionment factor purposes
178 shall be made on a basis consistent with the taxpayer’s method
179 of accounting for federal income tax purposes.
180 Section 6. Subsection (5) is added to section 220.16,
181 Florida Statutes, to read:
182 220.16 Allocation of nonbusiness income.—Nonbusiness income
183 shall be allocated as follows:
184 (5) The amount of financial assistance received in exchange
185 for transferring a net operating loss as authorized by s.
186 220.194 is allocable to this state.
187 Section 7. Section 220.194, Florida Statutes, is created to
188 read:
189 220.194 Micro-Targeted Technology Commercialization Credit
190 Transfer Program; transfer of net loss carryforward as a
191 certified credit.—
192 (1) PURPOSE; GOALS AND OBJECTIVES.—It is the intent of the
193 Legislature that the Micro-Targeted Technology Commercialization
194 Credit Transfer Program act as a catalyst for eligible companies
195 to accelerate their revenue and job growth and their market
196 penetration by monetizing their net operating losses into
197 transferable credits. The program’s objectives include:
198 (a) Accelerating the entry of new technology-based products
199 into the marketplace;
200 (b) Producing additional technology-based jobs for this
201 state;
202 (c) Accelerating commercialization of micro-targeted
203 technologies in the biomedical and technical fields; and
204 (d) Encouraging the growth of high-quality, high-wage
205 biomedical and technology firms in this state.
206 (2) DEFINITIONS.—As used in ss. 220.194 and 220.195, the
207 term:
208 (a) “Certified credit” means the product of the net
209 operating loss generated in the current year apportioned to
210 Florida, multiplied by the corporate income tax rate imposed
211 during the year in which the loss occurred.
212 (b) “Certified micro-targeted technology company” means a
213 business entity that is registered with the Secretary of State,
214 is currently operating in this state, and is certified by the
215 office to trade certified credits based on their net operating
216 losses, pursuant to this section.
217 (c) “Department” means the Department of Revenue.
218 (d) “Institute” means the Institute for the
219 Commercialization of Public Research.
220 (e) “Micro-targeted technology” means individual
221 components, technology, or processes that are crucial to the
222 development of larger or more complex biomedical or
223 technological devices, processes, or information systems.
224 (f) “Office” means the Office of Tourism, Trade, and
225 Economic Development.
226 (3) THE INSTITUTE FOR THE COMMERCIALIZATION OF PUBLIC
227 RESEARCH.—The Institute for the Commercialization of Public
228 Research or other Florida research-based consortium shall
229 identify examples of micro-targeted technology and compile a
230 list that is updated annually to add new technologies or delete
231 those technologies that are no longer applicable. The office
232 shall adopt this list as a rule.
233 (4) QUALIFICATIONS FOR CERTIFICATION.— A company seeking to
234 transfer a certified credit shall be certified as a qualified
235 micro-targeted technology company by the office if it timely
236 files a completed application and meets the requirements of this
237 subsection. For purposes of this subsection, all conditions in
238 paragraphs (a) through (g) must be met no later than the date
239 the application is filed with the office. All other requirements
240 in this subsection must be satisfied before the company received
241 certified credits. In order to be certified, a micro-targeted
242 technology company shall demonstrate that:
243 (a) It is registered with the Secretary of State to operate
244 in this state, and is operating in Florida.
245 (b) It is primarily engaged in developing, manufacturing,
246 producing, or providing micro-targeted technology for commercial
247 or public purposes.
248 (c) It has fewer than 100 full-time, worldwide employees,
249 including full-time employees leased to the applicant, of which
250 at least 75 percent work full time in this state at the time the
251 transfer of certified credits is first allowed.
252 (d) It has been audited by an independent certified public
253 accountant and:
254 1. The company has not had positive net income in any of
255 the 2 previous years of ongoing operations;
256 2. The company has reported a net operating loss in any of
257 the 2 previous years of operation; and
258 3. The company is not at least 50 percent owned or
259 controlled, directly or indirectly, by another corporation that
260 has demonstrated positive net income in any of the 2 previous
261 years of ongoing operations, or is not part of a consolidated
262 group of affiliated corporations, as filed for federal income
263 tax purposes, which in the aggregate demonstrated positive net
264 income in any of the 2 previous years of ongoing operations.
265 (e) The company has at least one active application for a
266 patent under 35 U.S.C. s. 111(a) on file with the United States
267 Patent and Trademark Office.
268 (f) The company has received research grants from
269 governmental entities, foundations, or other private entities,
270 or received financial assistance from investors.
271 (g) The company has an established business plan that
272 describes its commercialization strategy, a business-development
273 plan that includes revenue projections and a strategy for
274 becoming profitable, and a timeline for development which
275 addresses revenue growth and job creation in this state.
276 (h) The company can certify that:
277 1. It will not transfer a certified credit in exchange for
278 private financial assistance in an amount that is less than 75
279 percent of the certified credit;
280 2. All proceeds from the transfer will be expended to
281 support the operation or expansion of the company’s business
282 activity in this state; and
283 3. Upon transfer of a certified credit, it shall notify the
284 office of the amount within 30 days after each certified credit
285 is transferred, the amount of the financial compensation for the
286 credit received, and the identity of the purchaser of the
287 certified credit.
288 (5) APPLICATION FOR CERTIFICATION.—
289 (a) A completed application must be filed with the office
290 on or after 2 p.m., on the first business day of July commencing
291 in 2009. The office may investigate the qualifications of each
292 company applicant and may require by rule the applicant to
293 provide such evidence of its qualification as is necessary to
294 assure compliance with the requirements of this section,
295 including, but not limited to, the state corporate income tax
296 return supporting the request for certification of a certified
297 credit, audited financial statements, federal tax returns, and
298 state and federal employment filings.
299 (b) The office shall require a nonrefundable application
300 fee of $100 per application submitted. The department shall
301 cooperate with the office in its review of the applications.
302 (c) The office shall grant or deny an application in full
303 or in part within 90 days after receiving a completed
304 application containing the necessary information, including
305 payment of the application fee. If the office denies any part of
306 the application, it shall inform the applicant of the grounds
307 for the denial.
308 (d) This section does not create a presumption that a
309 company applicant will be approved by the office to transfer its
310 certified credits. However, the office may issue a nonbinding
311 opinion letter, upon the request of a prospective applicant, as
312 to its eligibility and the potential amount of certified credits
313 available.
314 (6) CALCULATION OF CERTIFIED CREDIT TRANSFER AMOUNT AND
315 LIMITATIONS.—When submitting an application for certification, a
316 company shall state the amount of the net operating loss,
317 including any net operating loss carryover, it requests to be
318 transferred as a certified credit. To the extent allowed as a
319 deduction in this state, a reported net operating loss not
320 otherwise taken may be certified by the office for transfer by a
321 certified micro-targeted technology company in exchange for
322 private financial assistance from a purchaser as follows:
323 (a) The net operating loss shall be transferred as a
324 certified credit.
325 (b) The maximum lifetime certified credits that a micro
326 targeted technology company may be certified to transfer may not
327 exceed $1 million.
328 (c) Once the office has certified the transfer of total
329 certified credits that may be claimed during a state fiscal year
330 in a cumulative amount of $3 million, the office may not approve
331 the transfer of any additional credits that may be taken in that
332 state fiscal year.
333 (d) The certified micro-targeted technology company is
334 liable if, after a transfer, the net operating loss is adjusted
335 by amendment or as a result of any other recomputation or
336 redetermination of federal or Florida taxable income or loss.
337 The certified micro-targeted technology company is also liable
338 for a penalty equal to the amount of the credit transferred,
339 reduced in proportion to the amount of the net operating loss
340 certified for transfer over the amount of the certified net
341 operating loss disallowed.
342 (e) The applicant and its successors shall maintain all
343 records necessary to support the reported amount of certified
344 credits.
345 (7) PURCHASE OF TRANSFERRED CERTIFIED CREDITS.—
346 (a) The certified credit must be reported as a credit
347 against tax due by the unaffiliated corporate purchaser on the
348 next tax return due to be filed by the purchaser, but in no case
349 may it be reported later than 1 year after the date of transfer.
350 (b) In the event the certified credit is larger than the
351 amount owed the state on the tax return for the time period in
352 which the credit is claimed, after applying the other credits
353 and unused credit carryovers in the order provided in s.
354 220.02(8), the amount of the credit for that time period shall
355 be the amount owed the state on that tax return. Unused
356 certified credit amounts remaining may not be carried forward.
357 (c) The purchaser of a certified credit amount may not
358 further sell, or otherwise transfer, the certified credit
359 amount.
360 (d) It is the responsibility of the certified micro
361 targeted technology company that transferred the certified
362 credit amount to notify the office, within 30 days after
363 transfer, of the amount of each certified credit transferred,
364 the amount of the financial assistance received, and the
365 identity of the purchaser of the certified credit. The office
366 shall certify to the department the same information within 14
367 working days.
368 (8) REPORTING REQUIREMENT.—Each company that is certified
369 to transfer its certified credit must provide the office with an
370 annual report on its development covering the year after it has
371 received funds from transferring its certified credits. The
372 report must include the company’s commercialization strategy;
373 business development plan; timeline for development; actual
374 revenue and revenue projections, both total and within Florida
375 only; and actual employment and employment projections, both
376 total and within Florida only. The report is due January 3 each
377 applicable year.
378 (9) RULEMAKING AUTHORITY.—
379 (a) The office shall adopt rules pursuant to ss. 120.536(1)
380 and 120.54 to administer this section. The rules must establish
381 the criteria for qualified technology research and experimental
382 development, production, or provision of technology for
383 commercial or public purposes; the format of application forms;
384 and the procedures to implement the program.
385 (b) The department may adopt rules pursuant to ss.
386 120.536(1) and 120.54 to administer this section.
387 Section 8. Section 288.95, Florida Statutes, is created to
388 read:
389 288.95 Micro-Targeted Technology Commercialization
390 Assistance Grant Program.—
391 (1) INTENT; GOALS AND OBJECTIVES; CREATION OF PROGRAM.—
392 (a) It is the intent of the Legislature that the Micro
393 Targeted Technology Commercialization Assistance Grant Program
394 act as a catalyst for eligible startup companies to accelerate
395 their growth and market penetration using state grant funds to
396 help pay certain operating expenditures.
397 (b) The grant program’s objectives include:
398 1. Accelerating the entry of new technology-based products
399 into the marketplace;
400 2. Producing additional technology-based jobs for this
401 state;
402 3. Providing leveraged resources to increase the
403 effectiveness and success of applicants’ projects;
404 4. Accelerating commercialization of micro-targeted
405 technologies in the biomedical and technical fields; and
406 5. Encouraging the establishment and growth of high
407 quality, high-wage advanced biomedical and technology firms in
408 this state.
409 (2) ELIGIBILITY GUIDELINES.—A qualified applicant must:
410 (a) Be a company specializing in micro-targeted technology
411 which is registered with the Secretary of State to operate in
412 this state;
413 (b) Conduct its business activities in this state;
414 (c) Have fewer than 25 full-time, worldwide employees,
415 including full-time employees leased to the applicant, of which
416 at least 75 percent are domiciled in this state;
417 (d) Have at least one active application for a patent under
418 35 U.S.C. s. 111(a) filed with the United States Patent and
419 Trademark Office;
420 (e) Have received research grants or other financial
421 assistance from governmental entities, foundations, and other
422 private entities or investors, which in total at least equals
423 the amount of the grant being requested through this program;
424 (f) Have been selected to receive state university research
425 commercialization assistance grant funding, pursuant to s.
426 1004.226, which will be considered for the list of qualified
427 technologies;
428 (g) Have an executed agreement with the licensing
429 institution; and
430 (h) Have an established business plan that describes its
431 commercialization strategy, a business development plan that
432 includes revenue projections and a strategy for becoming
433 profitable, and a timeline for development that addresses
434 revenue growth and job creation in this state.
435
436 Each company receiving funding must provide the institute and
437 the office an annual report on its development since being
438 awarded the grant. The report must include the company’s
439 commercialization strategy; business development plan; timeline
440 for development; actual revenue and revenue projections, both
441 total and within Florida only; and actual employment and
442 employment projections, both total and within Florida only. The
443 report is due on the anniversary date of when the company
444 received its grant.
445 (3) GRANT SELECTION PROCESS AND ADMINISTRATION.—
446 (a) The office shall provide administrative support to the
447 institute, as needed, for the twice-yearly issuance of an open
448 call for grant applications, for providing blank application
449 forms, and for receiving and processing the applications for
450 review.
451 (b) The office shall collect and provide to the institute
452 all grant applications within 15 days after the posted submittal
453 deadline date.
454 (c) The board of directors of the institute shall review
455 all grant applications received and, based on the eligibility
456 guidelines in subsection (3), submit a list of recommended grant
457 recipients to the office for its final approval. An application
458 must be recommended for approval or be denied by the institute’s
459 board within 45 days after receiving the application. The total
460 amount of grants recommended for disbursal to eligible companies
461 may not exceed $4.5 million in any one year.
462 (d) The executive director of the office shall review the
463 institute’s list of recommended grant recipients, and must
464 approve or deny the individual recommendations. The executive
465 director’s decisions must be made within 30 days after receiving
466 the list of recommendations from the institute.
467 (e) This section does not create a presumption that an
468 applicant will be approved by the office to receive a grant.
469 However, the office may issue a nonbinding opinion letter, upon
470 the request of a prospective applicant, as to its eligibility
471 for a grant and the potential amount of the grant.
472 (f) Grant awards shall be disbursed twice yearly to
473 recipient companies.
474 (4) AWARDS.—The office may make a one-time award of up to
475 $500,000 to a qualified applicant. Disbursal of grant awards
476 shall be within 45 days after the office’s final approval of
477 grant applications.
478 (5) USE OF GRANT FUNDS.—Grant funds shall be used by a
479 recipient to pay only wages, rent, and other operating expenses,
480 and to purchase equipment and supplies necessary to its
481 business. Grant funds may not be used to retire company debt.
482 (6) ANNUAL REPORT.—The office, with assistance from the
483 institute, shall submit an annual report of the grant program’s
484 activities to the Governor, the President of the Senate, and the
485 Speaker of the House of Representatives by July 15 of each year,
486 beginning in 2010.
487 (7) RULES.—The office may adopt rules pursuant to ss.
488 120.536(1) and 120.54 to administer this section, including the
489 format and content of grant application forms, and the criteria
490 for qualifying companies engaged in technology research and
491 experimental development, production, or provision of technology
492 for commercial or public purposes.
493 (8) MONITORING.—Before the 2011 Regular Session of the
494 Legislature, the Office of Program Policy Analysis and
495 Government Accountability shall conduct a review and evaluation
496 of the grant program. The office shall specifically evaluate the
497 grant program’s effectiveness in using state funds to sustain
498 and nurture companies developing micro-targeted technologies, to
499 create high-wage jobs, and to attract outside investment in
500 these companies.
501 Section 9.(1) The sum of $22 million is transferred from
502 the Florida Opportunity Fund to the Economic Development Trust
503 Fund for the purpose of funding the credit transfer program and
504 grant program created by this act. Notwithstanding s. 216.301,
505 Florida Statutes, and pursuant to s. 216.351, Florida Statutes,
506 the unexpended balance of this appropriation at the end of the
507 fiscal year shall remain in the trust fund and shall be
508 available for carrying out the purposes of the programs in
509 future years.
510 (2) Of that amount:
511 (a) The sum of $2 million is appropriated to the Institute
512 for the Commercialization of Public Research for the 2009-2010
513 fiscal year to support its operations, including its management,
514 operations, tracking, and measurement of outcomes relative to
515 the grant program.
516 (b) The sum of $14 million shall be retained in the
517 Economic Development Trust Fund and earmarked for the Micro
518 Targeted Technology Commercialization Assistance Grant Program,
519 to be used consistent with the purposes of s. 220.195, Florida
520 Statutes.
521 (c) The sum of $5.8 million shall be retained in the
522 Economic Development Trust Fund to be used to reimburse the
523 General Revenue Fund so as to defray the cost to the state of
524 the net operating loss tax credits created in s. 220.195,
525 Florida Statutes.
526 (d) The sum of $200,000 shall be retained in the Economic
527 Development Trust Fund to be drawn, as needed, to pay the
528 administrative costs incurred by the Office of Tourism, Trade,
529 and Economic Development associated with implementing the Micro
530 targeted Technology Commercialization Program and associated
531 with the Innovation Incentive Program.
532 Section 10.Sections 220.194 and 220.195, Florida Statutes,
533 are repealed effective June 30, 20l3, unless reviewed and saved
534 from repeal through reenactment by the Legislature.
535 Section 11. This act shall take effect upon becoming a law.