As used in this part 2, unless the context otherwise requires: “Authority” means the venture capital authority created in section 24-46-202. “Certified capital” means an amount of cash that is contributed by a qualified taxpayer to the authority that is deposited in a venture capital fund. “Distressed urban community” means an area within a city […]
There is hereby created as a special purpose authority, as defined in section 24-77-102 (15), the venture capital authority. The authority shall be a body corporate, a political subdivision of the state, and a public instrumentality, and its exercise of the powers conferred by this part 2 shall be deemed and held to be the […]
The authority shall establish procedures and additional selection criteria for, and shall conduct, a competitive process for the selection of one or more fund managers to establish and manage one or more rural venture capital funds and to establish and manage one or more statewide venture capital funds. The authority shall establish and publicize the […]
For tax years commencing on or after January 1, 2005, but no later than January 1, 2014, and subject to the requirements and limitations of this section, there shall be allowed to any qualified taxpayer a venture capital tax credit to be used against the taxpayer’s premium tax liability. The authority shall issue tax credit […]
All direct and indirect expenditures incurred by the authority in carrying out the responsibilities assigned in this part 2 shall be paid from the enterprise fund without the necessity of an appropriation by the general assembly. Source: L. 2004: Entire part added, p. 42, § 8, effective March 4.
The office of economic development shall assist the authority in administering this part 2. The authority shall submit a report to the state auditor on February 1 of each year regarding the results of the implementation of this part 2. Source: L. 2004: Entire part added, p. 42, § 8, effective March 4. L. 2017: […]
No member or employee of the executive branch shall become an officer, director, employee, or consultant of or receive any compensation from the authority or a fund manager either during the term of the member or employee’s employment with the executive branch or for six years after such term ends. However, this section shall not […]
