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66 / 94

354

Total Credit

Structure of

Who Is Eligible

Qualified

State Share in

State

Allocated

Tax Credit

for Tax Credit

Businesses

Distribution

TABLE 2

Comparisons of Key Features of CAPCO Legislation Across State-Proposed Legislation

$100 million per year

125% tax credit; maximum

$100 million per year

12.5% per year 100% premium tax credit;

$25 million per year

maximum 10% per year 100% premium tax credit;

maximum 10% per year

Colorado (HB001296, $20 million per year

100% premium tax credit; maximum 10% per year 100% premium tax credit; maximum 10% per year 100% premium tax credit; maximum 10% per year 100% premium tax credit; maximum 10% per year

100% premium, income, or privilege tax credit; maximum 10% per year

Arizona (SB1415, proposed 1998)

Not specified in the draft legislation

proposed 2000) Illinois (HB0144, proposed 1999) Iowa (HB513,

proposed 1999)

$30 million per year

$60 million per year

Kansas (SB315, proposed 1999)

Michigan (HB4137, proposed 1999) Texas (SB899, proposed 1999) Vermont (HBH113, proposed 1999)

$50 million; maximum $10 million credit per CAPCO

SBA definition; headquartered in statea SBA definition; headquartered in statea SBA definitiona Insurance companies Insurance companies Insurance companies Insurance companies Fewer than 100 employees; net income less than $2 million; 75% employ- ment in state 50% employees in state; sales less than $1million/year; age younger than 5 years Any “taxpayer” SBA definitiona Persons or entity

Insurance companies Insurance

Fewer than 100 employees; 80% in state Gross revenues less than

companies

$3 million

None

None

None

None

10% of amount in excess of original certified capital

None

None

None

NOTE: CAPCO = Certified Capital Company; SBA = U.S. Small Business Administration. a. Refer to Note 5 for SBA definition of small business.

Timing of Investments

30% within 3 years; 50% within

5 years 30% within 3 years; 50% within

5 years 30% within 3 years; 50% within

5 years 25% within 2 years; 40% within

3 years; 50% within 4 years

25% within 3 years; 40% within 4 years; 50% within 5 years; 70% within 7 years

25% within 3 years; 40% within 4 years; 50% within 5 years 30% within 3 years; 50% within 5 years; 50% early stage 25% within 2 years; 40% within 3 years; 50% within 4 years; 50% early stage

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