Section 1828-G. Business firms.
(a) General rule.--To qualify for a tax credit, credit-eligible capital contributions made by a business firm to a rural growth fund must be used by the rural growth fund for rural growth investments in a rural business under this part.
(b) Submission.--In connection with the documentation submitted under section 1825-G(b), a rural growth fund shall submit, on behalf of its business firm investors, on a form and in a manner required by the department, a description of credit-eligible capital contributions for approval by the department. The submission shall include for each credit-eligible capital contribution:
(1) The amount of the credit-eligible capital contribution.
(2) The name of the rural growth fund to which the credit-eligible capital contribution was made.
(3) The closing date.
(4) Any other information required by the department.
(c) Limitation.--The department may not approve more than $30,000,000 in credit-eligible capital contributions under this part. ((c) amended June 28, 2019, P.L.50, No.13)
(1828-G added July 13, 2016, P.L.526, No.84)