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 created in section 15E.63.
3. "Investor" means an individual making a cash investment in a qualifying business or an individual taxed on income from a revocable trust's 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; 2003 Acts, ch 108, §8; 2003 Acts, ch 179, §95, 159
Section takes effect February 28, 2002, and applies retroactively to tax years beginning on or after January 1, 2002; 2002 Acts, ch 1006, §13
2003 amendment to subsection 3 applies retroactively to January 1, 2002, for tax years beginning on or after that date; 2003 Acts, ch 179, §159
Previous Section 15E.41
Next Section 15E.43
© 2004 Cornell College and League of Women Voters of Iowa
Comments about this site or page?
webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.
Last update: Thu Jan 15 10:49:41 CST 2004
URL: /DOCS/IACODE/2003SUPPLEMENT/15E/42.html
jhf