Text: S05300                            Text: S05302
Text: S05300 - S05399                   Text: S Index
Bills and Amendments: General Index     Bill History: General Index

Senate Amendment 5301

Amendment Text

PAG LIN
  1  1    Amend the House amendment, S-5293, to Senate File
  1  2 443, as passed by the Senate, as follows:
  1  3    #1.  Page 2, by striking lines 27 and 28 and
  1  4 inserting the following:
  1  5    "Sec. 5.  Section 15E.45, subsection 2, paragraphs
  1  6 b and c, Code Supplement"".
  1  7    #2.  Page 2, by inserting before line 29 the
  1  8 following:
  1  9    "#___.  Page 1, line 5, by striking the words "five
  1 10 hundred" and inserting the following:  "five one
  1 11 hundred twenty-five".
  1 12    #   .  Page 1, by inserting after line 12 the
  1 13 following:
  1 14    "c.  The fund has no fewer than ten five investors
  1 15 who are not affiliates, with no single investor and
  1 16 affiliates of that investor together owning a total of
  1 17 more than twenty-five percent of the ownership
  1 18 interests outstanding in the fund.
  1 19    Sec. 501.  Section 15E.45, subsection 6, Code
  1 20 Supplement 2003, is amended to read as follows:
  1 21    6.  In the event that a community-based seed
  1 22 capital fund fails to meet or maintain any requirement
  1 23 set forth in this section, or in the event that the
  1 24 community-based seed capital fund has not invested at
  1 25 least thirty-three percent of its invested capital in
  1 26 no fewer than two one or more separate qualifying
  1 27 businesses, measured at the end of the thirty-sixth
  1 28 month after commencing the fund's investing
  1 29 activities, the board shall rescind any tax credit
  1 30 certificates issued to limited partners or members and
  1 31 shall notify the department of revenue that it has
  1 32 done so, and the tax credit certificates shall be null
  1 33 and void.  However, a community-based seed capital
  1 34 fund may apply to the board for a one-year waiver of
  1 35 the requirements of this subsection.""
  1 36    #3.  Page 2, line 35, by striking the words and
  1 37 figure "Section 5 of this Act applies" and inserting
  1 38 the following:  "Sections 5 and 501 of this Act
  1 39 apply".
  1 40    #4.  By renumbering as necessary.  
  1 41 
  1 42 
  1 43                               
  1 44 RON WIECK
  1 45 SF 443.501 80
  1 46 tm/cf
     

Text: S05300                            Text: S05302
Text: S05300 - S05399                   Text: S Index
Bills and Amendments: General Index     Bill History: General Index

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