| | | that the authority may issue tax credit certificates in | | an amount not to exceed 20% of the amount of cash | | actually invested in or unconditionally committed to a | | private venture capital fund in any calendar year if | | the authority determines that the private venture | | capital fund is located in this State, is owned and | | controlled primarily by residents of this State and has | | designated investing in eligible businesses of this | | State as a major investment objective. The credit may | | be revoked to the extent that the private venture | | capital fund does not make investments eligible for the | | tax credit in an amount sufficient to qualify for the | | credits within 3 years after the date of the tax credit | | certificates. Notwithstanding any revocation pursuant | | to this subparagraph, each investor remains eligible | | for tax credit certificates for eligible investments as | | and when made by the private venture capital fund. |
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| | | The aggregate amount of credits issued to investors in a | | fund may not exceed 40% of the amount of cash invested by | the fund in eligible businesses, except that, for | certificates issued and investments made after June 30, 2002 | but before July 1, 2003 and after June 30, 2005, | | respect to fund investments in eligible businesses that are | | located in a high unemployment area, the aggregate amount of |
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| | | tax credits issued to investors in a fund may not exceed 60% | | of the cash invested by the fund in eligible businesses. |
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| | | C. Aggregate investment eligible for tax credits may not be | | more than $5,000,000 for any one business for any one | | private venture capital fund as of the date of issuance of a | tax credit certificate, except that the aggregate investment | eligible for tax credits may not be more than $1,000,000 for | any one business for any one private venture capital fund as | of the date of issuance of a tax credit certificate for | certificates issued and investments made after June 30, 2003 | and before July 1, 2005 |
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| | | D. The investment with respect to which any individual or | | entity is applying for a tax credit certificate may not be | | more than an aggregate of $500,000 in any one eligible | | business invested in by a private venture capital fund in | any 3 consecutive calendar years, except that the investment | with respect to which any individual or entity is applying | for a tax credit certificate may not be more than an | aggregate of $200,000 in any one eligible business invested | in by a private venture capital fund in any 3 consecutive | calendar years relative to certificates issued and | investments made after June 30, 2003 and before July 1, | 2005. If |
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