§ 44-43-2 - Deduction or modification.
SECTION 44-43-2
§ 44-43-2 Deduction or modification.– (a) In the year in which a taxpayer first makes a qualifying investment in acertified venture capital partnership or the year in which an entrepreneurfirst makes an investment in a qualifying entity, the taxpayer or theentrepreneur shall be allowed:
(1) A deduction for purposes of computing net income or networth in accordance with chapter 11 of this title; or
(2) A deduction from gross earnings for purposes of computingthe public service corporation tax in accordance with chapter 13 of this title;or
(3) A deduction for the purposes of computing net income inaccordance with chapter 14 of this title; or
(4) A deduction for the purposes of computing gross premiumsin accordance with chapter 17 of this title; or
(5) A modification reducing federal adjusted gross income inaccordance with chapter 30 of this title.
(b) The deduction or modification shall be in an amount equalto the taxpayer's qualifying investment in a certified venture capitalpartnership or an entrepreneur's investment in a qualifying business entity andshall be measured at the year end of the certified venture capital partnership,the year end of the qualifying business entity, or the year end of theinvesting taxpayer, whichever comes first.