§ 15-4-3302 - Equity investment incentives -- Creation -- Purpose -- Tax credit.
15-4-3302. Equity investment incentives -- Creation -- Purpose -- Tax credit.
(a) Equity investment incentives in the form of tax credits to persons or companies investing in certain types of eligible businesses are created.
(b) The equity investment incentives shall:
(1) Encourage capital investment in certain types of businesses including:
(A) Early-stage businesses and start-up businesses in this state;
(B) Businesses paying wages in excess of prevailing wages in the state or the county where the company is located; and
(C) Businesses that are invested in by venture capital funds and regional or community-based alliance funds; and
(2) Create new jobs.
(c) (1) An equity investment incentive tax credit is created that shall be equal to thirty-three and one-third percent (33 1/3%) of the approved amount invested by an investor in an eligible business, as identified in 15-4-3303(a).
(2) The tax credit, if awarded, is available to the investor.