2006 Kansas Code - 74-8135

      74-8135.   Same; designation upon determination that criteria satisfied. The designation of a business as a qualified Kansas business shall be made by KTEC, and such designation must be renewed annually. A business shall be so designated if KTEC determines, based upon the application submitted by the business and any additional investigation the staff of KTEC shall make, that the following criteria have been or shall be satisfied:

      (1)   The business has a reasonable chance of success;

      (2)   the ability of investors in the business to receive tax credits for cash investments in qualified securities of the business is necessary, because funding otherwise available for the business is not available on commercially reasonable terms;

      (3)   the business has the reasonable potential to create measurable employment within the state;

      (4)   the business has an innovative and proprietary technology, product and service;

      (5)   the existing owners of the business and other founders have made or are committed to make a substantial financial and time commitment to the business;

      (6)   the securities to be issued and purchased are qualified securities; and

      (7)   binding commitments have been made by the business to KTEC for adequate reporting of financial data, including a requirement for an annual report, or, if required by the board of directors of KTEC, an annual audit of the financial and operational records of the business, the right of access to the financial records of the business and the right of KTEC to record and publish normal and customary data and information related to the issuance of tax credits that are not otherwise determined to be trade or business secrets.

      History:   L. 2004, ch. 112, § 78; L. 2005, ch. 134, § 5; July 1.