§ 10-3.5-101. Short Title

This article shall be known and may be cited as the “Certified Capital Company Act”. Source: L. 2001: Entire article added, p. 1525, § 1, effective June 9.

§ 10-3.5-102. Legislative Declaration

The primary purpose of the “Certified Capital Company Act” is to provide assistance in the formation of new businesses and the expansion of existing businesses that create jobs in the state by providing an incentive for insurance companies to invest in certified capital companies. The general assembly hereby: Finds that the legislative audit committee of […]

§ 10-3.5-103. Definitions

As used in this article, unless the context otherwise requires: “Affiliate”, with respect to a certified capital company or insurance company, means: Any person who, directly or indirectly, beneficially owns (whether through rights, options, convertible interests, or otherwise), controls, or holds power to vote fifteen percent or more of the outstanding voting securities or other […]

§ 10-3.5-104. Certification – Fees

The office shall establish by rule the procedures for making an application to become a certified capital company. An applicant shall: File an application with the office; Pay a nonrefundable application fee of seven thousand five hundred dollars at the time of filing the application; Have an equity capitalization at the time of seeking certification […]

§ 10-3.5-105. Premium Tax Credit

Any certified investor that makes an investment of certified capital pursuant to an allocation of premium tax credits as set forth in section 10-3.5-106 shall, during the year of investment, earn a vested credit against state premium tax liability equal to one hundred percent of the certified investor’s investment of certified capital. With respect to […]

§ 10-3.5-106. Aggregate Limitations on Credits

The aggregate amount of certified capital for which premium tax credits are allowed for all certified investors under this article shall not exceed the amount that would entitle all certified investors in certified capital companies to take aggregate credits of ten million dollars per year for ten years beginning in tax year 2003, which certified […]

§ 10-3.5-107. Requirements for Continuance of Certification – Fees

To continue to be eligible for certification, a certified capital company shall make qualified investments according to the following schedule: Within the period ending three years after an allocation date, a certified capital company shall have made qualified investments cumulatively equal to at least thirty percent of the certified capital allocated to its certified investors […]

§ 10-3.5-108. Distributions – Remittance of Portion of Proceeds

Subject to section 10-3.5-109 (2)(a), a certified capital company may make qualified distributions at any time. Subject to section 10-3.5-109 (2)(a) and paragraph (b) of this subsection (2), in order to make a distribution occurring on or after May 27, 2004, out of proceeds or gains from qualified investments, proceeds or gains from any other […]

§ 10-3.5-109. Annual Review – Decertification – Penalties

The office shall conduct an annual review of each certified capital company to determine whether the certified capital company is abiding by the requirements of certification, to advise the certified capital company as to the eligibility status of its qualified investments, and to ensure that no investment has been made in violation of this article. […]

§ 10-3.5-110. Transferability

The premium tax credit established pursuant to this article may be transferred or sold. The office shall promulgate rules to facilitate the transfer or sale of such premium tax credits. A transfer or sale shall not affect the time schedule for taking the premium tax credit as provided in this article. Any premium tax credits […]

§ 10-3.5-111. Repeal of Article

This article 3.5 is repealed, effective July 1, 2025. Source: L. 2017: Entire section added, (SB 17-249), ch. 283, p. 1548, § 15, effective June 1.