2012 Nebraska Revised Statutes
Chapter 77 - REVENUE AND TAXATION
77-6302 - Terms, defined.

77-6302. Terms, defined.

For purposes of the Angel Investment Tax Credit Act:

(1) Director means the Director of Economic Development;

(2) Distressed area means a municipality, a county with a population of fewer than one hundred thousand inhabitants according to the most recent federal decennial census, an unincorporated area within a county, or a census tract in Nebraska that (a) has an unemployment rate which exceeds the statewide average unemployment rate, (b) has a per capita income below the statewide average per capita income, or (c) had a population decrease between the two most recent federal decennial censuses;

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

(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.