Without limitation, the requirements for qualifying for receipt of investment capital under the Program shall include the following:

(1) Businesses may apply to the Delaware Economic Development Authority for investment under the Program provided:

a. Such business had annual gross revenues of $5,000,000 or less during the full 12-month period immediately preceding the date on which it filed its application for investment;

b. The operation of the business must be the full-time activity of a natural person owning at least 10% of the voting interests in the business;

c. The investment qualified for certification under this subchapter must be expended on plant, equipment, research and development or acquisition of inventory or raw materials (provided the plant or equipment is to be installed, the research and development to occur and the inventory or raw materials to be accumulated, in Delaware) or for such other purpose as, in the Authority’s discretion, promotes the purposes of the Program; and

d. Such application is made in such form and at such time as the Authority may by regulation prescribe.

(2) No owner of more than 50% of the voting interests in the business nor such owner’s spouse, parents, siblings or children shall be eligible for tax credit under this subchapter for investment in such business. For purposes of this paragraph, ownership by the spouse, parents, siblings or children of an owner shall be attributed to such owner for purposes of determining whether such owner owns more than 50% of the voting interests in the business.

(3) Applications for businesses seeking investment qualifying under this subchapter shall be subject to approval as follows:

a. Business applications shall be reviewed by the Council on Development Finance (“the Council”) which shall evaluate such applications based on criteria established by the Authority through its rulemaking authority; and

b. Based on such review, the Council shall recommend applications for approval by the Chairperson of the Delaware Economic Development Authority. No application shall receive any investment qualifying for tax credits under the Program unless and until it has been recommended for approval by a majority of the Council and has been approved by the Chairperson of the Delaware Economic Development Authority.

68 Del. Laws, c. 203, § 2; 70 Del. Laws, c. 186, § 1; 81 Del. Laws, c. 49, § 1; 81 Del. Laws, c. 244, § 1; 81 Del. Laws, c. 374, § 48, effective July 1, 2018; 81 Del. Laws, c. 244, § 5.