§5E-1-12. Qualified Investments; Liquidation or Dissolution
(a) A qualified West Virginia capital company shall use its capital base to make qualified investments according to the following schedule: (1) At least thirty-five percent of its capital base within the first year of the date on which the capital company which is not a small business investment company was designated as qualified by […]
§5E-1-13. Restrictions on Investment
(a) No more than thirty percent of the equity raised by a West Virginia capital company under this article may be invested in any one West Virginia business. (b) No portion of the capital base of a West Virginia capital company may be invested in a business that is the "alter ego" of that West […]
§5E-1-14. Conflict of Interest
No officer, member or employee of the authority shall be financially interested, directly or indirectly, in any capital company.
§5E-1-10. Application Requirements
(a) Each company shall make application to the authority on forms provided by the authority, which shall set forth: (1) The capitalization level of capital company;
§5E-1-5. Rules
The authority shall promulgate rules in accordance with article three, chapter twenty-nine-a of this code to carry out the policy and purposes of this article, to provide any necessary clarification of the provisions of this article and to efficiently provide for the general administration of this article. The authority may promulgate additional rules in accordance […]
§5E-1-6. Qualification of West Virginia Capital Companies
(a) The authority shall qualify West Virginia capital companies commencing after the effective date of this article. A company seeking to be qualified as a West Virginia capital company shall make written application to the authority on forms provided by the authority. The application shall contain the information required by section ten of this article. […]
§5E-1-7. Minimum Standards of Qualified West Virginia Capital Companies
The following requirements apply to all qualified companies: (a) A qualified company shall be a certified West Virginia capital company. (b) A qualified company shall have a reasonably accessible business office located within the State of West Virginia, which office has a listed telephone number and is open to the public during normal business hours. […]
§5E-1-8. Tax Credits
(a) The total amount of tax credits authorized for a single qualified company may not exceed $2 million. The total amount of tax credits authorized for a single economic development and technology advancement center may not exceed $1 million. Capitalization of the company or center may be increased pursuant to rule of the authority. (b) […]
§5E-1-9. Recaptures; Unqualified Investments
A taxpayer receiving a credit hereunder is not subject to a recapture provision for any credit claimed by the taxpayer but the company is subject to the civil penalty provided for in subsection (e), section twelve of this article.
§5E-1-1. Short Title
The article may be cited as the "West Virginia Capital Company Act."