90-10-103. Definitions. As used in this chapter, unless the context requires otherwise, the following definitions apply:
     (1) "Board" means the Montana capital investment board provided for in 90-10-201.
     (2) "Capitalize" means to acquire or provide debt, equity, or a combination of debt and equity.
     (3) "Certificate" means the document authorized by the board for which contingent, deferred tax credits may be available pursuant to a contract between the board and the designated investor group.
     (4) "Certificate holder" means the person to whom a tax credit initially is allowed pursuant to 90-10-303 and any person who receives a tax credit allocated under 90-10-303 under a transfer agreement that meets the registration and verification requirements provided for in 90-10-301.
     (5) "Designated investor group" means the investor group selected by the board pursuant to 90-10-202.
     (6) "Equity capital" means cash invested in common or preferred stock, royalty rights, limited partnership interests, limited liability company interests, and any other securities or rights that evidence ownership in private business.
     (7) "Investor" means an individual, corporation, partnership, limited liability company, or other legal entity organized under state or federal laws that has contracted with the designated investor group and that has capitalized the Montana equity fund.
     (8) "Montana business or project" means an entity with at least 50% of its employees or assets located in Montana.
     (9) "Montana equity fund" means the private investment fund to be organized, capitalized, and administered by the designated investor group pursuant to 90-10-305.
     (10) "Montana evergreen fund" means the private investment fund to be organized, capitalized, and administered by the designated investor group as a subfund of the Montana equity fund with investments to be made in primary sector businesses as defined in 39-11-103. These businesses must be headquartered in Montana or have 50% of gross sales receipts from products principally produced in Montana or services provided from a Montana location.
     (11) "Near-equity capital" means cash invested in unsecured, undersecured, subordinated, or convertible loans or debt securities.
     (12) "Person" means a taxpayer as defined in 15-30-101 or a corporation as described in 15-31-101.
     (13) "Proceeds" means revenue arising from the designated investor group's investments after deducting contractual obligations to the designated investor group's investors and the Montana equity fund's investors. Contractual obligations include but are not limited to fees, reimbursement of expenses, and up to 10% of net realized gains that may be allocated and contractually obligated to the designated investor group and specified Montana equity fund investors.
     (14) "Tax credits" means credits allowed pursuant to 90-10-303 and available to a certificate holder against tax liabilities imposed by Title 15, chapter 30 or 31, or by 33-2-705.

     History: En. Sec. 3, Ch. 537, L. 2005.