Sec. 7.5. (a) The Indiana economic development corporation may certify that an investment fund is a qualified Indiana investment fund if the corporation determines that the fund meets the definition in section 2.5 of this chapter and the requirements in subsection (b).

     (b) The Indiana economic development corporation may only certify a fund as a qualified Indiana investment fund if the fund makes investments according to a policy that:

Terms Used In Indiana Code 6-3.1-24-7.5

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • qualified Indiana investment fund: means any private fund that meets the definition of a venture capital fund in 17 C. See Indiana Code 6-3.1-24-2.5
  • substantial presence: means :

    Indiana Code 6-3.1-24-4.5

(1) requires eligible companies to be primarily focused on the commercialization of research and development, technology transfer, or application of new technology; and

(2) prioritizes investments in companies that:

(A) have received a grant, loan, or other investment funds provided by the Indiana twenty-first century research and technology fund established by IC 5-28-16-2; or

(B) maintain a substantial presence in Indiana.

     (c) An investment fund must apply to be certified as a qualified Indiana investment fund on a form prescribed by the Indiana economic development corporation.

     (d) If an investment fund is certified as a qualified Indiana investment fund under this section, the Indiana economic development corporation shall provide a copy of the certification to the investors in the qualified Indiana investment fund for inclusion in tax filings.

As added by P.L.165-2021, SEC.80.

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