For purposes of this division, unless the context otherwise requires:
1. "Affiliate" means a spouse, child, or sibling of an investor or a corporation, partnership, or trust in which an investor has a controlling equity interest or in which an investor exercises management control.
2. "Board" means the Iowa capital investment board, if created in House File 2078 as enacted by the Seventy-ninth General Assembly.*
3. "Investor" means an individual making a cash investment in a qualifying business or a person making a cash investment in a community-based seed capital fund. "Investor" does not include a person which is a current or previous owner, member, or shareholder in a qualifying business.
4. "Near equity" means debt that may be converted to equity at the option of the debt holder, and royalty agreements.
5. "Qualifying business" means a business meeting the criteria defined in section 15E.44.
2002 Acts, ch 1006, §2, 13; 2002 Acts, ch 1175, §75
*The phrase "created in section 15E.63" is probably intended; corrective legislation is pending
Section takes effect February 28, 2002, and applies retroactively to tax years beginning on or after January 1, 2002; 2002 Acts, ch 1006, §13
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