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10 cumulative amount of qualified investments for the 11 investment pool from which such qualified investments 12 were made shall be reduced by the amount of the 13 qualified investment in such business for the purposes 14 of section 15E.228 only, unless either of the 15 following apply: 16 (1) The certified capital company invests an 17 amount, at least equal to the investment within six 18 months of the relocation or failure to satisfy the 19 conditions set forth in paragraph "d" or "e", as 20 applicable. 21 (2) The qualified business demonstrates that it 22 has returned its headquarters to this state or has 23 reestablished compliance with the conditions set forth 24 in paragraph "d" or "e", as applicable, within three 25 months of such relocation or failure, as applicable." 26 13. Page 11, by striking lines 8 through 14 and 27 inserting the following: ""a" and section 15E.228, 28 subsection 3. The department shall adopt rules that 29 provide that proceeds". 30 14. Page 16, by striking lines 21 through 30 and 31 inserting the following: 32 "1. A certified investor which is an insurance 33 company organized under the laws of this state or 34 admitted to do business in this state shall earn, in 35 the year it makes a certified capital investment, a 36 vested tax credit against the insurance premium tax 37 liability of the certified investor under chapter 432, 38 or similar taxes, equal to one hundred percent of the 39 certified investor's certified capital investment. A 40 certified investor shall be entitled to claim up to 41 ten percent of the vested premium tax credit in any 42 taxable year of the certified investor. The credit to 43 be applied against a certified investor's premium tax 44 liability in any one year shall not exceed such 45 certified investor's premium tax liability for such 46 taxable year. Any credit in excess of the tax". 47 15. Page 18, by inserting after line 6 the 48 following: 49 "4A. If a certified capital company satisfies the 50 investment requirements under section 15E.226, Page 3 1 subsection 2, paragraph "a", with respect to the 2 investment pool, but the certified capital company is 3 decertified, a certified investor that has received a 4 tax credit under this section with respect to that 5 investment pool shall not be subject to a recapture 6 tax with respect to the tax credits previously 7 utilized or forfeit any unused credits, provided that 8 such decertification did not occur prior to the fourth
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