| | |
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 |
|
| | | 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 | | any applicant for which that applicant is not applying for a | | tax credit certificate and except that, if the entity | | applying for a tax credit certificate is a partnership, | | limited liability company, S corporation, nontaxable trust | | or any other entity that is treated as a flow-through entity | | for tax purposes under the federal Internal Revenue Code, | | the aggregate limit of $500,000 or $200,000, as applicable, | | applies to each individual partner, member, stockholder, | | beneficiary or equity owner of the entity and not to the | | entity itself. This paragraph does not limit other | | investment by any applicant for which that applicant is not | | applying for a tax credit certificate. |
|
| | | Sec. E-5. 10 MRSA §1100-T, sub-§4, as amended by PL 2003, c. 20, Pt. | | X, §5, is further amended to read: |
|
| | | 4. Total of credits authorized. The authority may issue tax | | credit certificates to investors eligible pursuant to subsections | | 2 and 2-A in an aggregate amount not to exceed $2,000,000 up to | | and including calendar year 1996, $3,000,000 up to and including | | calendar year 1997, $5,500,000 up to and including calendar year | | 1998, $8,000,000 up to and including calendar year 2001, | $11,000,000 up to and including calendar year 2004 | | $14,000,000 up to and including calendar year 2003, $17,000,000 | | up to and including calendar year 2004, $20,000,000 up to and | | including calendar year 2005, $23,000,000 up to and including | | calendar year 2006, $26,000,000 up to and including |
|
|
