TITLE 44
Taxation

CHAPTER 44-43
Tax Incentives for Capital Investment in Small Businesses

SECTION 44-43-2


§ 44-43-2. Deduction or modification.

(a) In the year in which a taxpayer first makes a qualifying investment in a certified venture capital partnership or the year in which an entrepreneur first makes an investment in a qualifying entity, the taxpayer or the entrepreneur shall be allowed:

(1) A deduction for purposes of computing net income or net worth in accordance with chapter 11 of this title; or

(2) A deduction from gross earnings for purposes of computing the public service corporation tax in accordance with chapter 13 of this title; or

(3) A deduction for the purposes of computing net income in accordance with chapter 14 of this title; or

(4) A deduction for the purposes of computing gross premiums in accordance with chapter 17 of this title; or

(5) A modification reducing federal adjusted gross income in accordance with chapter 30 of this title.

(b) The deduction or modification shall be in an amount equal to the taxpayer's qualifying investment in a certified venture capital partnership or an entrepreneur's investment in a qualifying business entity and shall be measured at the year end of the certified venture capital partnership, the year end of the qualifying business entity, or the year end of the investing taxpayer, whichever comes first.

History of Section.
(P.L. 1987, ch. 559, § 1.)