(1) The primary purpose of the "Certified Capital Company Act" is to provide assistance in the formation of new businesses and the expansion of existing businesses that create jobs in the state by providing an incentive for insurance companies to invest in certified capital companies.
(2) The general assembly hereby:
Finds that the legislative audit committee of the general assembly has evaluated theimplementation of the "Certified Capital Company Act" pursuant to Senate Joint Resolution 03050, enacted at the first regular session of the sixty-fourth general assembly;
Determines that the allocation of premium tax credits under the "Certified CapitalCompany Act" that was to be made after January 31, 2004, has been repealed and reallocated pursuant to the provisions of Senate Bill 04-106 and House Bill 04-1206, enacted at the second regular session of the sixty-fourth general assembly, which leaves only those premium tax credits allocated before January 31, 2004, remaining subject to the "Certified Capital Company Act"; and
Declares that:
The "Certified Capital Company Act" should be modified to more efficiently andeffectively achieve the purposes for which it was enacted, in particular by amending the method by which the office of economic development calculates certified capital companies' internal rate of return to address ambiguities and weaknesses in current law; and
Those purposes are best served by prospectively amending the "Certified CapitalCompany Act" pursuant to Senate Bill 04-247 and House Bill 04-1190, enacted at the second regular session of the sixty-fourth general assembly. No provision of this article shall be construed to retrospectively modify any existing statutory, regulatory, or contractual obligation.
Source: L. 2001: Entire article added, p. 1525, § 1, effective June 9. L. 2004: Entire section amended, p. 1242, § 1, effective May 27; entire section amended, p. 1326, § 1, effective May 28.
Editor's note: Amendments to this section by House Bill 04-1190 and Senate Bill 04247 were harmonized.