Section 15E.42. Definitions.

  For purposes of this division, unless the context otherwise requires:

  1.  “Affiliate” means a spouse, child, or sibling of an investor or a corporation, partnership, or trust in which an investor has a controlling equity interest or in which an investor exercises management control.

  2.  “Authority” means the economic development authority created in section 15.105.

  3.  “Entrepreneurial assistance program” includes the entrepreneur investment awards program administered under section 15E.362, the receipt of services from a service provider engaged pursuant to section 15.411, subsection 1, or the program administered under section 15.411, subsection 2.

  4.  “Investor” means a person making a cash investment in a qualifying business. “Investor” does not include a person that holds at least a seventy percent ownership interest as an owner, member, or shareholder in a qualifying business.

  5.  “Qualifying business” means a business meeting the criteria defined in section 15E.44.

2002 Acts, ch 1006, §2, 13

; 2002 Acts, ch 1175, §75

; 2003 Acts, ch 108, §8

; 2003 Acts, ch 179, §95, 159

; 2004 Acts, ch 1148, §1, 7

; 2011 Acts, ch 130, §37, 46, 47, 71

; 2015 Acts, ch 138, §110 – 112, 126, 127

2011 amendment to subsection 2 applies retroactively to January 1, 2011, for tax years beginning and investments made on or after that date;

2011 Acts, ch 130, §47

2015 amendments take effect July 2, 2015, and apply to equity investments made in a qualifying business on or after that date; 2015 Acts, ch 138, §126, 127

NEW subsection 3 and former subsection 3 amended and renumbered as 4

Former subsection 4 stricken