PUBLIC Law Chapter 451

private venture capital fund in any calendar year by

the individual or entity, except that~~, for certificates~~

~~issued and investments made after June 30, 2002 but~~

~~before July 1, 2003 and after June 30, 2005,~~ with

respect to fund investments that are made in eligible

businesses that are located in a high unemployment

area, as determined by rule of the authority under

subsection 2, the tax credit certificate may not be

more than 60% of the cash actually invested in or

unconditionally committed to a private venture capital

fund in any calendar year by the individual or entity;

and

(2) Does 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,~~
with respect to fund investments that are made in
eligible businesses that are located in a high
unemployment area, as determined by rule of the
authority under subsection 2, a tax credit certificate
may not be more than 60% of the cash invested by the
fund in any calendar year in such businesses; provided
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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