§ 57-38.5-02 — Certification - Investment reporting by qualified businesses - Maximum investments in qualified businesses

North Dakota § 57-38.5-02

• Jurisdiction: North Dakota
• Title 57: Taxation
• Ch. 57-38.5: Seed Capital Investment Tax Credit

Text

investments in qualified businesses.
1. The director shall certify whether a business that has requested to become a qualified
business meets the requirements of section 57-38.5-01. The director shall establish
the necessary forms and procedures for certifying qualified businesses.
2. A qualified business may apply to the director for a recertification. Only one
recertification is available to a qualified business. The application for recertification
must be filed with the director within ninety days before the original certification expiry
date. The recertification issued by the director must comply with the provisions of
subsection 3.
3. A certification letter must be issued by the director to the qualified business. The
certification letter must include:
a. The certification effective date.
b. The certification expiry date. The expiry date may not be more than four years
from the certification effective date.
4. The maximum aggregate amount of qualified investments a qualified business may
receive for all tax years is limited to five hundred thousand dollars under this chapter.
The tax credit allowed on qualified investments in a qualified business must be allowed
to taxpayers in the chronological order of the taxpayer's qualified investments as
determined from the forms filed under section 57-38.5-07. The limitation on
investments under this subsection may not be interpreted to limit additional investment
by a taxpayer for which that taxpayer is not applying for a credit.