investment. A. A rural fund that seeks to have an equity investment certified as a capital investment eligible for credits authorized under the provisions of this act shall apply to the Department. The Department shall begin accepting applications within ninety (90) days of the effective date of this act. The application shall include: 1. The amount of capital investment requested; 2. A copy of the applicant's or an affiliate of the applicant's licenses as a rural business investment company under 7 U.S.C., Section 2009cc or as a small business investment company under 15 U.S.C., Section 681, and a certificate executed by an executive officer of the applicant attesting that such license remains in effect and has not been revoked; 3. Evidence that, as of the date the application is submitted, the applicant or affiliates of the applicant have invested at least One Hundred Million Dollars ($100,000,000.00) in nonpublic companies located in counties within the United States with a population of less than seventy-five thousand (75,000) according to the 2010 Federal Decennial Census of the United States; 4. A business plan that includes a revenue-impact assessment projecting state and local tax revenue to be generated by the applicant's proposed qualified investments, prepared by a nationally recognized, third-party, independent economic forecasting firm using a dynamic economic forecasting model that analyzes the applicant's business plan over the ten (10) years following the date the application is submitted to the Department. Such plan shall include an estimate of the number of jobs created and jobs retained in this state as a result of the applicant's qualified investments; and 5. A nonrefundable application fee of Five Thousand Dollars ($5,000.00) payable to the Department. B. Within thirty (30) days after the receipt of a completed application, the Department shall grant or deny the application in full or in part. The Department shall deny the application if: 1. The applicant does not satisfy all the criteria provided under subsection A of this section; 2. The revenue-impact assessment submitted with the application does not demonstrate that the applicant's business plan will result in a positive fiscal impact on the state over a ten-year period that exceeds the cumulative amount of tax credits that would be issued to the applicant if the application was approved; or 3. The Department has already approved the maximum amount of capital investment authority under Section 4 of this act. C. If the Department denies any part of the application, it shall inform the applicant of the grounds for such denial. If the applicant provides any additional information required by the Department or otherwise completes its application within fifteen (15) days of the notice of denial, the application shall be considered complete as of the original date of submission. If the applicant fails to provide the information or fails to complete its application within the fifteen-day period, the application shall remain denied and must be resubmitted with a new submission date and a new application fee. D. Upon approval of an application, the Department shall certify the proposed equity investment as a capital investment eligible for credits under this act, subject to limitations laid out in Section 4 of this act. The Department shall provide written notice of the certification to the applicant which shall include the amount of the applicant's capital investment authority. The Department shall certify capital investments in the order that the application is received by the Department. Applications received on the same day shall be deemed to have been received simultaneously. For applications that are complete and received on the same day, the Department shall certify applications in proportionate percentages based upon the ratio of the amount of capital investment authority requested in all applications.
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