Without limitation, the requirements for qualifying for certification of individuals’ investments for tax credits under the Program shall include the following:

(1) Individuals may apply for tax credit certification provided:

a. Such individual’s investment is in a business approved to receive such investment under § 8797A of this title;

b. Such investment must be not less than $10,000 or more than $100,000 in any 1 business; provided that this paragraph shall not limit an applicant from making other investments in the business for which a tax credit is not requested; and

c. Such application shall be made in such form and at such time as the Authority may by regulation prescribe;

(2) Applications by individuals for investment tax credit certification shall not be approved to the extent that:

a. The investment is in excess of 15% of the actual investment made during any tax year;

b. Total shares of voting stock received in exchange for investment certified for tax credits under this subchapter exceed 50% of the voting shares of stock outstanding in the business qualifying for investment under the Program;

(3) No investment in any business shall be certified:

a. Unless other investments in the same business qualifying for certification under this subchapter along with said investment amount in the aggregate to at least $25,000; or

b. If such investment along with all investments in the same business already certified under this subchapter exceed $950,000;

(4) No application shall be approved for any investment under whose terms the investor obtains a return of the principal invested at any time prior to the end of 5 years from the date of the investment or under whose terms the investment is not at risk in the qualifying business. Notwithstanding this subdivision, the investor may transfer an investment at any time and may transfer any unused tax credits certified under this subchapter but only as part of the transfer of the investment and only so long as the transferor and transferee of the unused credits meet whatever reporting requirements may be established by the Director of Revenue or the Authority, or both; and

(5) The Authority may not issue in the aggregate more than $3,000,000 in tax credit certifications nor may it issue any certifications after December 31, 1995.

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.