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Current Status Bill Number:View additional legislative information at the LPITS web site.4925 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:20020319 Primary Sponsor:Cato All Sponsors:Cato, Jennings, Allison, Scott, Lourie, Harrison, W.D. Smith, Kirsh, Meacham-Richardson, Law, Altman, Bales, Battle, Bingham, J. Brown, R. Brown, Campsen, Chellis, Dantzler, Emory, Freeman, Gourdine, Hayes, M. Hines, Hinson, Leach, Lloyd, McLeod, Merrill, Miller, Moody-Lawrence, J.M. Neal, Ott, Quinn, Rutherford, Sandifer, Scarborough, Sinclair, J.E. Smith, Taylor, Thompson, Tripp, Vaughn, Weeks, White and Wilder Drafted Document Number:l:\council\bills\skb\18157zcw02.doc Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Certified Capital Company Act, to increase amount of available venture capital for small technology businesses by allowing a premium tax liability credit History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ House 20020502 Co-Sponsor removed (Rule 5.2) by Rep. Talley House 20020319 Introduced, read first time, 30 HWM referred to Committee Versions of This Bill
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING CHAPTER 12 TO TITLE 38 RELATING TO INSURANCE, SO AS TO INCREASE THE AMOUNT OF AVAILABLE VENTURE CAPITAL FOR QUALIFYING SMALL TECHNOLOGY BUSINESSES BY ALLOWING A PREMIUM TAX LIABILITY CREDIT UNDER CERTAIN CIRCUMSTANCES.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Title 38 of the 1976 Code is amended by adding:
Section 38-12-10. This chapter may be cited as the 'South Carolina Certified Capital Company Act'.
Section 38-12-20. As used in this chapter:
(1) 'Affiliate' of another person means:
(a) a person who directly or indirectly either:
(i) beneficially owns fifteen percent or more of the outstanding voting securities or other voting ownership interests of the other person, whether through rights, options, convertible interests, or otherwise; or
(ii) controls or holds power to vote fifteen percent or more of the outstanding voting securities or other voting ownership interests of the other person;
(b) A person, fifteen percent or more of whose outstanding voting securities or other voting ownership interests of which are directly or indirectly either:
(i) beneficially owned by the other person, whether through rights, options, convertible interests, or otherwise; or
(ii) controlled or held with power to vote by the other person; or
(c) A partnership or limited liability company in which the other person is a general partner, managing member or manager, as the case may be; or
(d) an officer, director, employee, or agent of the other person, or an immediate family member of the officer, director, employee, or agent.
(2) 'Allocation Date' means the date on which the certified investors of a certified capital company are allocated certified capital by the department under this chapter.
(3) 'Certified Capital' means an investment of cash by a certified investor in a certified capital company that fully funds the purchase price of an equity interest in the company or a qualified debt instrument issued by the certified capital company.
(4) 'Certified Capital Company' means a partnership, corporation, or trust or limited liability company, whether organized on a profit or not-for-profit basis, that has as its primary business activity the investment of cash in qualified technology businesses and that is certified as meeting the criteria of this chapter.
(5) 'Certified Investor' means an insurance company or other person that has South Carolina premium tax liability that contributes certified capital pursuant to an allocation of premium tax credits under this chapter.
(6) 'Department' means the South Carolina Department of Insurance.
(7) 'Director' means the Director of the South Carolina Department of Insurance.
(8) 'Person' means a natural person or entity, including a corporation, general or limited partnership, or trust or limited liability company.
(9) 'Premium Tax Credit Allocation Claim' means a claim for allocation of premium tax credits.
(10) 'Qualified Technology Business' means a business that, at the time of a certified capital company's first investment in the business:
(a) is headquartered in this State and intends to remain in this State for ten years after receipt of the investment by the certified capital company, or is headquartered in another state and intends to relocate its headquarters to this State within ninety days after receipt of the investment by the certified capital company;
(b) has its principal business operations located in this State and intends to maintain business operations in this State for ten years after receipt of the investment by the certified capital company, or has its principal business operations located in another state, and intends to relocate business operations to this State within ninety days after receipt of investment by the certified capital company;
(c) has agreed to use the qualified investment primarily to either support business operations in this State, or in the case of a start-up company, establish and support business operations in this State, except in each case, advertising, sales, and promotional operations which may be conducted outside this State;
(d) has not more than one hundred employees and either employs at least eighty percent of its employees in this State, or pays eighty percent of its payroll to employees in this State;
(e) is primarily engaged in any of the following:
(1) manufacturing, processing, or assembling technology products;
(2) conducting technological research and development; or
(3) providing technology-related services;
(f) is not primarily engaged in any of the following:
(1) retail sales;
(2) real estate development;
(3) the business of insurance, banking, or lending; or
(4) the provision of professional services provided by accountants, attorneys, or physicians; and
(g) a qualified technology business, must, prior to a certified capital company's first investment in the business, certify in an affidavit that:
(1) the business is unable to obtain conventional financing, which means that the business has failed in an attempt to obtain financing for a loan from a bank or other commercial lender or that the business cannot reasonably be expected to qualify for such financing under the standards of commercial lending;
(2) the business will maintain its headquarters and principal business operations in this State for the next ten years.
(11) 'Qualified Debt Instrument' means a debt instrument issued by a certified capital company, at par value or a premium, that:
(a) has an original maturity date of at least five years after the date of issuance;
(b) has a repayment schedule that is not faster than a level principal amortization over five years; and
(c) has no interest, distribution, or payment features that are related to the profitability of the certified capital company or the performance of the certified capital company's investment portfolio.
(12) 'Qualified Distribution' means any distribution or payment from certified capital by a certified capital company in connection with the following:
(a) the reasonable costs and expenses of forming, syndicating, managing, and operating the company, including reasonable and necessary fees paid for professional services, including legal and accounting services, related to the formation and operation of the company, and an annual management fee in an amount that does not exceed two and one-half percent of the certified capital of the company; provided that no distribution or payment authorized by this subsection (12)(a) be made directly or indirectly to a certified investor, except for distributions or payments made in consideration for a guaranty, indemnity, bond, insurance policy or other payment undertaking described in Section 38-12-50(B) of this chapter.
(b) any projected increase in federal or state taxes, including penalties and interest related to state and federal income taxes, of the equity owners of the company resulting from the earnings or other tax liability of the company to the extent that the increase is related to the ownership, management, or operation of the company.
(13) 'Qualified Investment' means the investment of cash by a certified capital company in a qualified technology business for the purchase of any debt, debt participation, equity, or hybrid security of any nature or description, including a debt instrument or security that has the characteristics of debt but that provides for conversion into equity or equity participation instruments such as options or warrants.
(14) 'State Premium Tax Liability' includes:
(a) any liability incurred by any person under Chapter 7 of this title; or
(b) if the tax liability imposed under Chapter 7 of this title on January 1, 2002, is eliminated or reduced, any tax liability imposed on an insurance company or other person that had premium tax liability under Chapter 7 of this title, on that date.
Section 38-12-30. The department shall administer this chapter and may adopt regulations as necessary to implement this chapter.
Section 38-12-40. (A) The director of the department by regulation must establish the application procedures for certified capital companies.
(B) An applicant must file an application in the form prescribed by the department accompanied by a nonrefundable application fee of seven thousand five hundred dollars. The application must include an audited balance sheet of the applicant, with an unqualified opinion from an independent certified public accountant, as of a date not more than thirty-five days before the date of the application.
(C) To qualify as a certified capital company all of the following must apply:
(1) the applicant must have, at the time of application for certification, an equity capitalization of at least five hundred thousand dollars in the form of cash or cash equivalents. The applicant must maintain this equity capitalization until it receives an allocation of certified capital pursuant to Section 38-12-200 of this chapter;
(2) at least two principals or persons employed to manage the funds of the applicant must have at least four years of experience investing in early stage technology businesses as an institutional or accredited investor;
(3) the applicant must satisfy any additional reasonable informational requirement imposed by the department by regulation;
(4) the applicant must have incorporated or organized within the State of South Carolina no later than fifteen days before applying for certification; and
(5) the applicant must have established an office within the State of South Carolina or do so within sixty days of certification.
(D) The director of the department must review the application, organizational documents, and business history of each applicant and must ensure that the applicant satisfies the requirements of this act.
(E) Not later than the thirtieth day after the date an application is filed, the director of the department must either issue the certification or refuse to issue the certification and communicate in detail to the applicant the grounds for the refusal, including suggestions for the removal of those grounds. If an applicant submits an amended application within fifteen days of receipt of refusal from the office, the office shall have fifteen days from the receipt of such amended application by which to communicate its approval or refusal of such amended application to the applicant. The office shall review and approve or reject applications in the order submitted, and in the event more than one application is received by the office on any date, all such applications shall be reviewed and approved simultaneously, except in the case of incomplete applications or applications for which additional information is requested by the office and is not supplied by the applicant within the allowable time limits established by the office.
Section 38-12-50. (A) An insurance company, group of insurance companies, or other persons who may have state premium tax liability or the affiliates of the insurance companies or other persons may not, directly or indirectly, do any of the following:
(1) manage a certified capital company;
(2) beneficially own, whether through rights, options, convertible interests, or otherwise, more than fifteen percent of the outstanding voting securities of a certified capital company; or
(3) control the direction of investments for a certified capital company.
(B) Not more than one certified investor in any certified capital company or an affiliate thereof, may provide a guaranty, indemnity, bond, insurance policy, or other payment undertaking in favor of all of the certified investors of the certified capital company and its affiliates.
(C) Subsection (A) of this section applies without regard to whether the insurance company or other person or the affiliate of the insurance company or other person is licensed by or transacts business in this State.
(D) This chapter does not preclude a certified investor, an insurance company, or any other party from exercising its legal rights and remedies, including interim management of a certified capital company, if authorized by law, with respect to a certified capital company that is in default of its statutory or contractual obligations to the certified investor, insurance company, or other person, or establishing controls to ensure that the certified capital company satisfies the requirements of this act.
Section 38-12-60. Any offering material involving the sale of securities of the certified capital company must include the following statement: 'By authorizing the formation of a certified capital company, the State of South Carolina does not endorse the quality of management or the potential for earnings of the company and is not liable for damages or losses to a certified investor in the company. Use of the word 'certified' in an offering does not constitute a recommendation or endorsement of the investment by the department of public accounts. If applicable provisions of law are violated, the State of South Carolina may require forfeiture of unused premium tax credits and repayments of used premium tax credits'.
Section 38-12-70. (A) To continue to be certified, a certified capital company shall make qualified investments according to the following schedule:
(1) before the third anniversary of its allocation date, a company must have made qualified investments in an amount cumulatively equal to at least thirty-five percent of its certified capital;
(2) before the fifth anniversary of its allocation date, a company must have made qualified investments in an amount cumulatively equal to at least fifty percent of its certified capital, subject to subsection (B) of this section.
(B) The aggregate cumulative amount of all qualified investments made by the certified capital company after its allocation date shall be considered in the computation of the percentage requirements under this chapter. Any proceeds received from a qualified investment may be invested in another qualified investment and count toward any requirement in this chapter with respect to investments of certified capital.
(C)(1) If a qualified technology business as defined in Section 38-12-20(10)(a) in which a qualified investment is made relocates its headquarters to another state during the ten-year term of the certified capital company's investment in such business, excepting via merger with or acquisition by a company outside the State, the cumulative amount of qualified investments made by the certified capital company for purposes of satisfying the requirements set forth in this section may be reduced by the amount of the certified capital company's investment in the business that has relocated, unless the business demonstrates that it has returned its headquarters to this State within three months of such relocation.
(2) If a qualified technology business as defined in Section 38-12-20(10)(b) in which a qualified investment is made relocates its principal business operations to another state during the ten-year term of the certified capital company's investment in such business, excepting via merger with or acquisition by a company outside the State, the cumulative amount of qualified investments made by the certified capital company for purposes of satisfying the requirements set forth in this section may be reduced by the amount of the certified capital company's investment in the business that has relocated, unless the business demonstrates that it has returned its principal business operations to this State within three months of such relocation.
(3) The department shall have the authority to waive any recapture or forfeiture of credits as allowed in this chapter if, after considering all facts and circumstances, it determines that such waiver will have the effect of furthering the economic development of the State.
(D) A qualified investment may not be made at a cost to a certified capital company greater than fifteen percent of the total certified capital of the company.
(E) A certified capital company shall invest any certified capital not invested in qualified investments only as follows:
(1) cash deposited with a federally insured financial institution;
(2) certificates of deposit in a federally insured financial institution;
(3) investment securities that are obligations of the United States or its agencies or instrumentalities or obligations that are guaranteed fully as to principal and interest by the United States;
(4) debt instruments rated at least 'A' or its equivalent by a nationally recognized credit rating organization, or issued by, or guaranteed with respect to payment by, an entity whose unsecured indebtedness is rated at least 'A' or its equivalent by a nationally recognized credit rating organization, and which indebtedness is not subordinated to other unsecured indebtedness of the issuer or the guarantor;
(5) obligations of this State or any municipality or political subdivision of this State; or
(6) any other investments approved in advance and in writing by the department.
Section 38-12-80. (A) A certified capital company may, before making an investment in a business, request from the department a written opinion as to whether the business in which it proposes to invest is a qualified technology business.
(B) The department shall, not later than the fifteenth business day after the date of the receipt of a request under subsection (A) of this section, determine whether the business meets the definition of a qualified technology business and notify the certified capital company of the determination and an explanation of its determination or notify the certified capital company that an additional fifteen days will be needed to review and make the determination.
(C) If the department fails to notify the certified capital company with respect to the proposed investment within the period specified by subsection (B) of this section, the business in which the company proposes to invest is considered to be a qualified technology business.
Section 38-12-90. (A) Each certified capital company shall report to the department as soon as practicable after the receipt of certified capital the following:
(1) the name of each certified investor from whom the certified capital was received, including the certified investor's insurance premium tax identification number;
(2) the amount of each certified investor's investment of certified capital and premium tax credits; and
(3) the date on which the certified capital was received.
(B) Not later than January thirty-first of each year, each certified capital company shall report to the department all of the following:
(1) the amount of the company's certified capital at the end of the preceding year;
(2) whether or not the company has invested more than fifteen percent of its total certified capital in any one business;
(3) each qualified investment that the company made during the preceding year and, with respect to each qualified investment, the number of employees of the qualified technology business at the time the qualified investment was made; and
(4) any other information required by the department.
(C) Not later than April first of each year, the company shall provide to the department an annual audited financial statement that includes the opinion of an independent certified public accountant. The audit or other review by the certified public accountant, shall address the methods of operation and conduct of the business of the company to determine whether:
(1) the company is complying with this chapter and the regulations adopted under this chapter;
(2) the funds received by the company have been invested as required within the time provided by subsection (A) of Section 38-12-70 of this chapter;
(3) the company has invested the funds in qualified technology businesses.
Section 38-12-100. (A) Not later than January thirty-first of each year, each certified capital company shall pay a nonrefundable renewal fee of five thousand dollars to the department. If a certified capital company fails to pay its renewal fee on or before that date, the company must pay, in addition to the renewal fee, a late fee of five thousand dollars to continue its certification.
(B) Notwithstanding subsection (A), a renewal fee is not required within six months of the date on which the company's certification is issued pursuant to Section 38-12-40 of this chapter.
Section 38-12-110. (A) A certified capital company may make a qualified distribution at any time. To make a distribution or payment, other than a qualified distribution, a company must have made qualified investments in an amount cumulatively equal to at least one hundred percent of its certified capital.
(B) Notwithstanding subsection (A) of this section, a company may make repayments of principal and interest on its indebtedness without any restriction, including repayments of indebtedness of the company on which certified investors earned premium tax credits.
(C) The State of South Carolina shall receive a ten percent share of any distributions other than qualified distributions and payments with respect to indebtedness from the certified capital company to its equity holders above and beyond the amount of distributions that would result in an internal rate of return on the total amount of certified capital allotted to the certified capital company plus any additional capital contribution to the certified capital company in excess of fifteen percent.
(D) Once a certified capital company has made qualified investments in an amount cumulatively equal to one hundred percent of the certified capital allocated to it, the certified capital company shall no longer be subject to regulation under this act for future investments.
Section 38-12-120. (A) The department shall conduct an annual review of each certified capital company to:
(1) ensure that the company continues to satisfy the requirements of this chapter and that the company has not made any investment in violation of this chapter;
(2) determine the eligibility status of its qualified investments.
(B) The cost of the annual review shall be paid by each certified capital company according to a reasonable fee schedule adopted by the department.
(C) A material violation of Section 38-12-70, 38-12-90, or 38-12-100 of this chapter is grounds for decertification of the certified capital company. If the department determines that a company is not in compliance with Section 38-12-70, 38-12-90, or 38-12-100 of this chapter, the director shall notify the officers of the company in writing that the company may be subject to decertification after the one hundred twentieth day after the date of mailing of the notice, unless the deficiencies are corrected and the company returns to compliance with those sections.
(D) The director of the department may decertify a certified capital company, after opportunity for hearing, if the director finds that the company is not in compliance with Section 38-12-70, 38-12-90, or 38-12-100 of this chapter at the end of the period established by subsection (C) of this section. Decertification under this subsection is effective on receipt of notice of decertification by the company. The department shall notify any appropriate state agency of the decertification.
Section 38-12-130. (A) The department may impose an administrative penalty on a certified capital company that violates this chapter.
(B) The amount of the penalty may not exceed twenty-five thousand dollars and each day a violation continues or occurs is a separate violation for the purpose of imposing a penalty. The amount of the penalty shall be based on all of the following:
(1) the seriousness of the violation, including the nature, circumstances, extent, and gravity of the violation;
(2) the economic harm caused by the violation;
(3) the history of previous violations;
(4) the amount necessary to deter a future violation;
(5) efforts to correct the violation; and
(6) any other matter that justice may require.
(C) Certified capital companies assessed penalties under this chapter may request a redetermination as provided by law.
(D) The Attorney General may sue to collect the penalty.
(E) A proceeding to impose the penalty is considered to be a contested case.
Section 38-12-140. (A) Decertification of a certified capital company may cause the recapture of premium tax credits previously claimed and the forfeiture of future premium tax credits to be claimed by certified investors with respect to the company, as follows:
(1) decertification of a company on or before the third anniversary of its allocation date causes the recapture of any premium tax credit previously claimed and the forfeiture of any future premium tax credit to be claimed by a certified investor with respect to the company;
(2) for a company that meets the requirements for continued certification under Section 38-12-70(A)(1) of this chapter and subsequently fails to meet the requirements for continued certification under Section 38-12-70(A)(2) of this chapter, any premium tax credit that has been or will be taken by a certified investor on or before the third anniversary of the allocation date is not subject to recapture or forfeiture, but any premium tax credit that has been or will be taken by a certified investor after the third anniversary of the allocation date of the company is subject to recapture or forfeiture;
(3) for a company that has met the requirements for continued certification under Sections 38-12-70(A)(1) and 38-12-70(A)(2) of this chapter and is subsequently decertified, any premium tax credit that has been or will be taken by a certified investor on or before the fifth anniversary of the allocation date is not subject to recapture or forfeiture, but any premium tax credit to be taken after the fifth anniversary of the allocation date is subject to forfeiture only if the company is decertified on or before the fifth anniversary of its allocation date;
(4) for a company that has invested an amount cumulatively equal to one hundred percent of its certified capital in qualified investments, any premium tax credit claimed or to be claimed by a certified investor is not subject to recapture or forfeiture under this chapter.
(B) The department shall send written notice to the address of each certified investor whose premium tax credit is subject to recapture or forfeiture, using the address shown on the last premium tax filing.
Section 38-12-150. The certified capital company must agree to indemnify, or purchase a guaranty, indemnity, bond, insurance policy or other payment undertaking for the benefit of, a certified investor for losses resulting from the recapture or forfeiture of premium tax credits under Section 38-12-140 of this chapter.
Section 38-12-160. (A) A certified investor who makes an investment of certified capital shall in the year of investment earn a vested credit against state premium tax liability equal to one hundred percent of the certified investor's investment of certified capital, subject to the limits imposed by this chapter. A certified investor may take up to twelve and one-half percent of the vested premium tax credit in any taxable year of the certified investor, beginning in the second calendar year after the investment.
(B) The credit to be applied against state premium tax liability in any one year may not exceed the state premium tax liability of the certified investor for the taxable year. Any unused credit against state premium tax liability may be carried forward and applied against the premium tax liabilities of such investors for subsequent calendar years. The carry-forward credit may be applied against subsequent premium tax filings through calendar year 2017.
Section 38-12-170. (A) A premium tax credit allocation claim must be prepared and executed by a certified investor on a form provided by the department. The certified capital company must file the claim with the department on October 1, 2002. The premium tax credit allocation claim form must include an affidavit of the certified investor under which the certified investor becomes legally bound and irrevocably committed to make an investment of certified capital in a certified capital company in the amount allocated even if the amount allocated is less than the amount of the claim, subject only to the receipt of an allocation under Section 38-12-200 of this chapter.
(B) A certified investor may not claim a premium tax credit under Section 38-12-170 of this chapter for an investment that has not been funded, even if the certified investor has committed to fund the investment.
Section 38-12-180. (A) The total amount of certified capital for which premium tax credits may be allowed under this chapter for all years in which premium tax credits are allowed is one hundred million dollars.
(B) No premium tax credits can be used until the second calendar year after the year of the investment by the certified investor.
(C) A certified investor may take up to twelve and one-half percent of the vested premium tax credit in any taxable year of the certified investor, once the credits are earned, beginning in the second calendar year after the investment.
(D) A certified capital company and its affiliates may not file premium tax credit allocation claims in excess of the maximum amount of certified capital for which premium tax credits may be allowed as provided in this chapter.
(E) The maximum amount of premium tax credit allocation claims that may be filed on behalf of any one insurance company, on an aggregate basis with its affiliates, in one or more certified capital companies, shall not exceed the greater of: ten million dollars, or fifteen percent of the aggregate limitation on credits provided in subsection (A) of this section.
Section 38-12-190. (A) If the total premium tax credits claimed by all certified investors exceed the total limits on premium tax credits established by Section 38-12-180(A) of this chapter, the department shall allocate the total amount of premium tax credits allowed under this chapter to certified investors in certified capital companies on a pro rata basis in accordance with this chapter.
(B) The pro rata allocation for each certified investor shall be the product of:
(1) a fraction, the numerator of which is the amount of the premium tax credit allocation claim filed on behalf of the investor and the denominator of which is the total amount of all premium tax credit allocation claims filed on behalf of all certified investors;
(2) the total amount of certified capital for which premium tax credits may be allowed under this chapter.
(C) Not later than October 15, 2002, the department shall notify each certified capital company of the amount of tax credits allocated to each certified investor. Each certified capital company shall notify each certified investor of their premium tax credit allocation.
(D) If a certified capital company does not receive an investment of certified capital equaling the amount of premium tax credits allocated to a certified investor for which it filed a premium tax credit allocation claim before the end of the tenth business day after the date of receipt of notice of allocation, the company shall notify the department by overnight common carrier delivery service and that portion of capital allocated to the certified investor shall be forfeited. The department shall reallocate the forfeited capital among the certified investors in the other certified capital companies that originally received an allocation so that the result after reallocation is the same as if the initial allocation under this chapter had been performed without considering the premium tax credit allocation claims that were subsequently forfeited.
Section 38-12-200. A certified investor is not required to reduce the amount of premium tax included by the investor in connection with ratemaking for any insurance contract written in this State because of a reduction in the investor's South Carolina premium tax derived from the credit granted under this chapter.
Section 38-12-210. (A) The department shall adopt regulations to facilitate the transfer or assignment of premium tax credits by certified investors. A certified investor may transfer or assign premium tax credits only in compliance with the regulations adopted under this subsection.
(B) The transfer or assignment of a premium tax credit does not affect the schedule for taking the premium tax credit under this act.
Section 38-12-220. (A) The department shall prepare a biennial report with respect to results of the implementation of this chapter. The report must include all of the following:
(1) the number of certified capital companies holding certified capital;
(2) the amount of certified capital invested in each certified capital company;
(3) the amount of certified capital the certified capital company has invested in qualified technology businesses as of January 1, 2004, and the cumulative total for each subsequent year;
(4) the total amount of tax credits granted under this chapter for each year that credits have been granted;
(5) the performance of each certified capital company with respect to renewal and reporting requirements imposed under this chapter;
(6) with respect to the qualified technology businesses in which capital companies have invested all of the following:
(a) the classification of the qualified businesses according to the industrial sector and the size of the business;
(b) the total number of jobs created by the investment and the average wages paid for the jobs;
(c) the total number of jobs retained as a result of the investment and the average wages paid for the jobs; and
(7) the certified capital companies that have been decertified or that have failed to renew the certification and the reason for any decertification.
(B) The department shall file the report with the Governor, the Lieutenant Governor, and the Speaker of the House of Representatives not later than December fifteenth of each even-numbered year.
Section 38-12-230. (A) The director of the department, not later than the sixtieth day after the effective date of this chapter, must adopt regulations necessary to implement this chapter. The department shall begin accepting applications for certification as a certified capital company under this chapter on July 1, 2002.
(B) A certified investor may not make an investment with a certified capital company under this chapter before October 15, 2002."
SECTION 2. This act takes effect upon approval by the Governor.
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