Current through Register Vol. XLI, No. 50, December 13, 2024
Section 117-3-3 - Purpose and Structure3.1. Purpose. -- The Act creates a tax credit program whereby investors receive a tax credit by making an investment in a fund authorized by the Authority for the investment of capital in the West Virginia economy. Each fund shall be independently operated by qualified managers and shall not be directly or indirectly operated or managed by the investors. Each Fund shall be an Entity authorized by the Authority for the purpose of receiving investments from investors desiring a tax credit and thereafter, through the use of Fund Managers, making investments in West Virginia Businesses.3.2. Funds; Fund Shares. -- During each State fiscal year in which tax credits are authorized for allocation under the Act, the Authority shall create one or more Funds for the receipt of investments from individuals and entities meeting certain requirements (as set forth in Section 5 of this Rule) and which desire to invest and to receive a tax credit allocated by the Authority. The creation of each Fund and the characteristics of the Fund, including for example its structure, the type of Fund Shares if any within the Fund, the Fund Managers and the type of investments anticipated to be made, shall be communicated by the Governing Entity or the Authority to those individuals and entities which, in accordance with Subdivision 5.1.b of this Rule, have evidenced to the Authority that he, she or it meets the minimum requirements for investors set forth in Subdivision 5.1.a of this Rule and desire to consider investment in the Fund.