(a) The legislative rule filed in the State Register on July 29, 2015, authorized under the authority of section five-t, article ten, chapter eleven of this code, modified by the Department of Revenue to meet the objections of the Legislative Rule-Making Review Committee and refiled in the State Register on September 18, 2015, relating to the Department of Revenue (payment of taxes by electronic funds transfer, 110 CSR 10F), is authorized.
(b) The legislative rule filed in the State Register on July 29, 2015, authorized under the authority of section five, article ten, chapter eleven of this code, relating to the Department Revenue (exchange of information agreement between the Commissioner of the Tax Division of the Department of Revenue and the Secretary of the Department of Commerce, the Secretary of the Department of Environmental Protection, the Director of the Division of Forestry of the Department of Commerce and the Commissioners of the Public Service Commission, 110 CSR 50H), is authorized, with the amendment set forth below:
On page one, subsection 3.1, line six, following the word “Commerce”, by inserting the words “Secretary of State”.
(c) The legislative rule effective on June 12, 1987, authorized under the authority of section one, article one-a, chapter eleven of this code, relating to the Tax Division (listing of interests in natural resources for purposes of first statewide appraisal, 110 CSR 1B), is repealed.
(d) The legislative rule effective on May 13, 1987, authorized under the authority of section twenty-nine-a, article one-a, chapter eleven of this code, relating to the Tax Division (guidelines for assessors to assure fair and uniform nonutility personal property values,110 CSR 1C), is repealed.
(e) The legislative rule effective on June 12, 1987, authorized under the authority of section one, article one-a, chapter eleven of this code, relating to the Tax Division (review by circuit court on certiorari, 110 CSR 1D), is repealed.
(f) The legislative rule effective on June 12, 1987, authorized under the authority of section one, article one-a, chapter eleven of this code, relating to the Tax Division (review of appraisals by the county commission sitting as an administrative appraisal review board, 110 CSR 1E), is repealed.
(g) The legislative rule effective on May 13, 1987, authorized under the authority of section one, article one-a, chapter eleven of this code, relating to the Tax Division (additional review and implementation of property appraisals, 110 CSR 1F), is repealed.
(h) The legislative rule effective on May 13, 1987, authorized under the authority of section one, article one-a, chapter eleven of this code, relating to the Tax Division (review by circuit court on certiorari, 110 CSR 1G), is repealed.
(i) The Legislature directs the Department of Revenue to promulgate, effective on and after the first day of July, 2016, the amended legislative rule filed in the State Register on July 29, 2015, authorized under the authority of sections five and eleven-b, article one-c, chapter eleven of this code, as modified to conform to the recommendations of the Legislative Rule-Making Committee on November 18, 2015, but later withdrawn by the Department of Revenue by notice filed in the State Register, relating to the Department of Revenue (valuation of timberland and managed timberland, 110 CSR 1H), with the following amendments:
On page four, in subsection 3.16 of the rule, by striking the second sentence, and adding at the end of the final sentence after the word “Index”, before the period, the words “(IMI) as shown on Appendix 4 of this rule.”;
On page six, in section ten of the rule, at the end of the first sentence, following the word “properties” and before the period, by inserting the following words and punctuation marks “, using, for all measures required by this rule to compute such appraised value per acre of managed timberland, real values and not nominal values.”;
On page six, in section ten of the rule, by striking the remaining language of the section, and by inserting “Except as required by the provisions of subsection 2.2 of this rule, in no case shall the appraised value per acre for any grade of managed timberland in any county be less than eighty percent of the value per acre of the comparable grade of managed timberland in the immediately preceding tax year in that same county. The appraised value is the net present worth of all revenues and costs associated with growing timber on the land in perpetuity. Net income is the difference between projected revenues, for example, harvest revenues in years 35, 55 and 80, and projected costs, including, for example, management costs.”;
On page six, in section eleven of the rule, in subsection 11.1, in the first sentence between the words “ownership” and “maps” by adding the words “data provided by the county assessors, or, in the absence of such data, shall digitize from”, and at the end of the subsection, inserting “During any period for which the application of this process to a given parcel is temporarily delayed, the Tax Commissioner, in cooperation with the Division of Forestry, shall employ such available data and methods as will reasonably approximate the assignment of a soil productivity grade to that parcel.”;
On page six, in section eleven of the rule, in subsection 11.3, following the word “be” by striking the words “determined by the accumulated periodic harvest income plus accrued interest on the net income”, inserting the words “compounded at the end of the rotation (i.e. harvest income value at year 80)”, inserting between the words “less” and “state” the word “applicable” and inserting between the word “payments” and the period, the words “if any”;
On page seven, in section eleven of the rule, in subsection 11.4, following the word “by” striking the word “the”, inserting the words “compounding the annual management costs at the end of the rotation (i.e. management cost value in year 80)”, striking the word “accumulated”, inserting the words “using the”, by inserting a comma before the word “management” and by inserting the letter “s” at the end of the word “cost.”;
On page seven, in section eleven of the rule, in subsection 11.5, between the words “the” and “end” inserting the word “cumulative”, following the word “costs” inserting the words “from the cumulative end of rotation total harvest income per acre as defined in subsection 3.7 of this rule”, and between the word “difference” and the semi-colon, inserting a comma and the words “, assuming an infinite periodic income from the managed timberland”;
On page thirteen, in Appendix 4 of the rule, by striking the words “Site Index (75 or more)” and replacing them with the letters, symbol and digits “IMI ≥ 45”, by striking the words “Site Index (65-74)” and replacing them with the letters, word, symbols and digits “IMI ≥ 30 and ≤ 44.99” and by striking the words “Site Index (less than 65)” and by replacing them with the letters, symbol and digits “IMI ≤ 29.99”;
On page fourteen, in Appendix 5 of the rule, after the words “For Class II Parcels:”, on line 1, following the word “Acre”, by deleting all the language preceding the words “For Class III & IV Parcels”, and by inserting the words, symbols and digits: “= ((Future Value of Harvest Revenues – Future Value of Management Costs)/((1 + Real Discount Rate)n) -1)) less discounted property tax Class II rate.
Where:
n = 80 years
Future Value of Harvest Revenues – value of harvest revenues in year 80 using compounding formula below
Vn = Vo(1 + i) n
Where: Vo = harvest revenue in the initial year (i.e. 35, 45, 55 or 80)
i = capitalization rate
n = rotation length
Vn = future value of harvest revenues
Future Value of Management Costs – value of management costs in year 80 using the formula for calculating the future value of a terminating annual series as given below:
Vn 
Where: a = annual management costs
i = capitalization rate
n = rotation length
Vn = future value of management costs”;
And
On page fourteen, in Appendix 5 of the rule, on the final line, by striking the Roman numeral “II” and replacing it with the Roman numeral “III” and by striking the Roman numeral “III” and replacing it with the Roman numeral “IV”.
(j) The legislative rule effective on June 29, 1964, authorized under the authority of article one, chapter eleven of this code, relating to the Tax Division (revision of levy estimates, 110 CSR 8), is repealed.
(k) The legislative rule effective on September 16, 1966, authorized under the authority of article ten, chapter eleven of this code, relating to the Tax Division (inheritance and transfer tax, 110 CSR 11), is repealed.
(l) The legislative rule effective on January 1, 1974, authorized under the authority of section five-a, article ten, chapter eleven of this code, relating to the Tax Division (annual tax on incomes of certain carriers, 110 CSR 12A), is repealed.
(m) The legislative rule effective on April 4, 1988, authorized under the authority of section five, article ten, chapter eleven of this code, relating to the Tax Division (telecommunications tax, 110 CSR 13B), is repealed.
(n) The legislative rule effective on May 1, 1996, authorized under the authority of section three, article thirteen-i, chapter eleven of this code, relating to the Tax Division (tax credit for employing former members of Colin Anderson Center, 110 CSR 13I), is repealed.
(o) The legislative rule effective on May 1, 1999, authorized under the authority of section seven, article thirteen-m, chapter eleven of this code, relating to the Tax Division (tax credits for new value-added, wood manufacturing facilities, 110 CSR 13M), is repealed.
(p) The legislative rule effective on May 1, 1999, authorized under the authority of section seven, article thirteen-n, chapter eleven of this code, relating to the Tax Division (tax credits for new steel, aluminum and polymer manufacturing operations, 110 CSR 13N), is repealed.
(q) The legislative rule effective on May 1, 1995, authorized under the authority of section five, article ten, chapter eleven of this code, relating to the Tax Division (business investment and jobs expansion tax credit, corporation headquarters relocation tax credit and small business tax credit, 110 CSR 13C), is repealed.
(r) The legislative rule effective on April 4, 1988, authorized under the authority of section one, article one-a, chapter eleven of this code, relating to the Tax Division (appraisal of property for periodic statewide reappraisals for ad valorem property tax purposes, 110 CSR 1), is repealed.