(a) A person is a qualified business if the bank, for the purpose of state benefits under this chapter, or the governing body of a readjustment zone, for the purpose of local benefits, certifies that:
(1) the person is engaged in or has provided substantial commitment to initiate the active conduct of a trade or business in the readjustment zone; and
(2) at least 25 percent of the person’s new employees in the readjustment zone are:
(A) residents of the governing jurisdiction;
(B) economically disadvantaged individuals, as defined by Section 2303.402(c); or
(C) dislocated defense workers.
(b) The governing body of a readjustment zone may certify a franchise or subsidiary of a new or existing business as a qualified business if the franchise or subsidiary:
(1) is located entirely in the readjustment zone; and
(2) maintains separate books and records of the business activity conducted in the zone.