15E.42  Definitions.
  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.  “Authority” means the economic development authority created in section 15.105.
  3.  “Investor” means a person making a cash investment in a qualifying business or in a community-based seed capital fund. “Investor” does not include a person that holds at least a seventy percent ownership interest as an 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; 2004 Acts, ch 1148, §1, 7; 2011 Acts, ch 130, §37, 46, 47, 71
2011 amendment to subsection 2 applies retroactively to January 1, 2011, for tax years beginning and investments made on or after that date; 2011 Acts, ch 130, §47
Code editor directive applied
Subsection 2 amended