Neb. Rev. Stat. §§ 77-6302

Current with changes through the 2024 First Special Legislative Session

Section 77-6302 - Terms, defined

For purposes of the Angel Investment Tax Credit Act:

(1) Director means the Director of Economic Development;

(2) Family member means a family member within the meaning of section 267(c)(4) of the Internal Revenue Code of 1986, as amended;

(3) Investment date means the latest of the following:

(a) The date of a fully executed investor subscription agreement or underlying transaction document pertaining to the applicable qualified investment;

(b) The date on a check made out to a qualified small business for the applicable qualified investment or the date a wire transfer is completed for the applicable qualified investment; or

(c) The date the qualified small business deposits a check made out to such qualified small business for the applicable qualified investment or receives a wire transfer for the applicable qualified investment, as documented on the deposit slip or bank statement of the qualified small business;

(4) Pass-through entity means an organization that for the applicable taxable year is a subchapter S corporation, general partnership, limited partnership, limited liability partnership, trust, or limited liability company and that for the applicable taxable year is not taxed as a corporation;

(5) Qualified fund means a fund that has been certified by the director under section 77-6304;

(6) Qualified high-technology field includes, but is not limited to, aerospace, agricultural processing, renewable energy, energy efficiency and conservation, environmental engineering, food technology, cellulosic ethanol, information technology, materials science technology, nanotechnology, telecommunications, biosolutions, medical device products, pharmaceuticals, diagnostics, biologicals, chemistry, veterinary science, and similar fields;

(7) Qualified investment means a cash investment in a qualified small business made in exchange for common stock, a partnership or membership interest, preferred stock, debt with mandatory conversion to equity, or an equivalent ownership interest as determined by the director of a minimum of:

(a) Twenty-five thousand dollars in a calendar year by a qualified investor; or

(b) Fifty thousand dollars in a calendar year by a qualified fund;

(8) Qualified investor means an individual, trust, or pass-through entity which has been certified by the director under section 77-6305; and

(9) Qualified small business means a business that has been certified by the director under section 77-6303.

Neb. Rev. Stat. §§ 77-6302

Laws 2011, LB 389, § 2; Laws 2014, LB 1067, § 5; Laws 2017, LB 217, § 28.

Amended by Laws 2017, LB 217,§ 28, eff. 8/24/2017, op. 8/24/2017.

Amended by Laws 2014, LB 1067,§ 5, eff. 4/10/2014.