Text: SSB01187 Text: SSB01189 Text: SSB01100 - SSB01199 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 15E.45, subsection 2, paragraph b, Code 1 2 2003, is amended to read as follows: 1 3 b. The fund has, on or after January 1, 2002, a total of 1 4 both capital commitments from investors and investments in 1 5 qualifying businesses of at least five hundred thousand 1 6 dollars, but not more than three million dollars. However, if 1 7 a fund is a rural business investment company under the rural 1 8 business investment program of the federal Farm Security and 1 9 Rural Investment Act of 2002, Pub. L. No. 107-171, the fund 1 10 may qualify notwithstanding having capital in excess of the 1 11 limits set forth in this paragraph as long as the fund 1 12 otherwise meets the requirements of this subsection. 1 13 Sec. 2. APPLICABILITY DATE. This Act applies 1 14 retroactively to January 1, 2002, for tax years beginning on 1 15 or after that date. 1 16 EXPLANATION 1 17 This bill relates to criteria for community-based seed 1 18 capital funds. 1 19 Currently, one of the criteria for a qualifying community- 1 20 based seed capital fund is that the fund, on or after January 1 21 1, 2002, has a total of both capital commitments from 1 22 investors and investments in qualifying businesses of at least 1 23 $500,000, but not more than $3 million. The bill provides 1 24 that this criteria may be waived for a fund that is a rural 1 25 business investment company under the federal rural business 1 26 investment program if the fund meets all other criteria. 1 27 The bill applies retroactively to January 1, 2002, for tax 1 28 years beginning on or after that date. 1 29 LSB 2256SC 80 1 30 tm/sh/8
Text: SSB01187 Text: SSB01189 Text: SSB01100 - SSB01199 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
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