reglab/housing_qa huggingface dataset:
WV Code § 5E-1-3 (2021)
2021 West Virginia Code|Chapter 5E. Venture Capital Company|Article 1. West Virginia Capital Company Act|§5E-1-3. Purposes

(a) The purpose of this article is to promote the development of the human resources and the diversification of the economy of West Virginia. The investment capital generated by this article must be used to encourage and assist the strengthening of the economy through loans, equity investments, and other business transactions for purposes of developing new business and industry in West Virginia, rehabilitating existing business and industry, and stimulating and assisting in the expansion of business activities that promote and maintain the economic stability of this state by providing maximum opportunities for employment of West Virginians and improving the standard of living of the people of this state.(b) This article is aimed at:(1) Increasing the availability of development capital in order to encourage and assist in the creation, development and expansion of businesses based in West Virginia;(2) Developing, preserving, diversifying, expanding and strengthening the agricultural, industrial and business base of West Virginia's economy, particularly for those businesses utilizing this state's technical, managerial and research resources in domestic and international markets; and(3) Providing the residents of West Virginia with greater opportunities to invest and participate in the economic development and potential of this state.
WV Code § 5E-1-5 (2021)
2021 West Virginia Code|Chapter 5E. Venture Capital Company|Article 1. West Virginia Capital Company Act|§5E-1-5. Rules

The authority shall promulgate rules in accordance with article three, chapter twenty-nine-a of this code to carry out the policy and purposes of this article, to provide any necessary clarification of the provisions of this article and to efficiently provide for the general administration of this article. The authority may promulgate additional rules in accordance with article three, chapter twenty-nine-a of this code that it considers necessary to provide for the efficient administration of the credits allowed for investments in economic development and technology advancement centers.
WV Code § 5E-1-6 (2021)
2021 West Virginia Code|Chapter 5E. Venture Capital Company|Article 1. West Virginia Capital Company Act|§5E-1-6. Qualification of West Virginia Capital Companies

(a) The authority shall qualify West Virginia capital companies commencing after the effective date of this article. A company seeking to be qualified as a West Virginia capital company shall make written application to the authority on forms provided by the authority. The application shall contain the information required by section ten of this article. Further, the application shall specify the level of capitalization of the company.(b) The application shall set forth the applicant's purpose.(c) The authority may certify West Virginia capital companies in existence after July 1, 1986.(d) An applicant which is not a small business investment company shall establish an escrow account located in West Virginia, into which funds invested in the applicant shall be deposited and held for the period of time between their receipt by the applicant and the designation of the applicant as a qualified company. Small business investment company applicants shall submit small business administration capital certificates totaling the funds to be invested. The funds shall not be invested by the applicant until it is designated by the authority as a qualified company. In the case of companies which are not small business investment companies, where the authority does not designate the applicant a qualified company, the funds shall be returned to the investors, if requested by the investors.(e) A West Virginia capital company may not qualify or be issued a certification under this article unless the company holds a valid business registration certificate issued pursuant to article twelve, chapter eleven of this code. A company exempt from registration under article twelve may qualify and be certified under this article upon proof of its exemption.
WV Code § 5E-1-7 (2021)
2021 West Virginia Code|Chapter 5E. Venture Capital Company|Article 1. West Virginia Capital Company Act|§5E-1-7. Minimum Standards of Qualified West Virginia Capital Companies

The following requirements apply to all qualified companies:(a) A qualified company shall be a certified West Virginia capital company.(b) A qualified company shall have a reasonably accessible business office located within the State of West Virginia, which office has a listed telephone number and is open to the public during normal business hours.(c) A qualified company which is not a small business investment company shall maintain all of its capital base, except that which has been invested to meet the purposes of this article, in bank accounts and financial institutions which are located in the State of West Virginia or in any other interest bearing instruments with a maturity of less than one year which are obtained from and managed by a West Virginia corporation.(d) A qualified company shall have a capital base of at least $1 million, but not greater than $4 million, which must be raised after July 1, 1986. If the amount of the investment in a qualified company in any fiscal year exceeds $4 million, the amount in excess of $4 million is not eligible for tax credits under this article.(e) No more than twenty-five percent of each separate capital base of a qualified company which is not a small business investment company shall be in the form of full recourse, interest bearing demand notes, backed by an irrevocable letter of credit or bond from a reputable source, as determined by the authority.(f) A qualified company's stated purpose shall be to encourage and assist in the creation, development or expansion of West Virginia businesses.(g) A qualified company which is not a small business investment company, seeking to establish a separate capital base or increase its capital base, shall establish an escrow account located in West Virginia, into which funds invested in the qualified company shall be deposited and held for the period of time between their receipt by the qualified company and the designation as qualified of a separate capital base or an increase to capital base. A small business investment company qualified company, seeking to establish a separate capital base or increase its capital base, shall submit small business administration capital certificates totaling the amount of the separate capital base or increased capital base. The funds may not be invested by the qualified company until the designation by the authority. In the case of companies which are not small business investment companies, where the authority does not designate as qualified a separate capital base or an increase to capital base, the funds shall be returned to the investors, if requested by the investors.(h) A qualified company, when soliciting funds for its capital base, shall disclose that no tax credit for the investor's investment will be available until the authority designates as qualified a capital base or an increase to capital base and issues to the qualified company notice of such qualification and a certificate of tax credit.
WV Code § 5E-1-9 (2021)
2021 West Virginia Code|Chapter 5E. Venture Capital Company|Article 1. West Virginia Capital Company Act|§5E-1-9. Recaptures; Unqualified Investments

A taxpayer receiving a credit hereunder is not subject to a recapture provision for any credit claimed by the taxpayer but the company is subject to the civil penalty provided for in subsection (e), section twelve of this article.
WV Code § 5E-1-10 (2021)
2021 West Virginia Code|Chapter 5E. Venture Capital Company|Article 1. West Virginia Capital Company Act|§5E-1-10. Application Requirements

(a) Each company shall make application to the authority on forms provided by the authority, which shall set forth:(1) The capitalization level of capital company;(2) The purpose of the company;(3) The names of investors;(4) A process for disclosing to investors the tax credit available pursuant to this article. The disclosure shall clearly set forth that no tax credit will be available until the qualification of the company is granted by the authority and the disclosure of immunity of the state for damages is provided to the investors;(5) The location of the escrow account, if applicable, which has been established for investors for the period of time between the investment and the qualification of the capital company by the authority;(6) If applicable, evidence that the company is licensed as a small business investment company; and(7) That the capital company will diligently seek to obtain and thereafter diligently seek to invest leverage available to the small business investment companies.(b) An applicant submitting an application pursuant to this section shall continually supplement the application if any material fact contained in the application changes. The authority shall determine if the change constitutes an amendment requiring the consent of the authority pursuant to subdivision (c) of this section.(c) An applicant may not amend an application submitted pursuant to this section without the written consent of the authority for good cause shown.
WV Code § 5E-1-11 (2021)
2021 West Virginia Code|Chapter 5E. Venture Capital Company|Article 1. West Virginia Capital Company Act|§5E-1-11. Disclaimer of Liability of the State

The state of West Virginia shall not be liable to any investor or qualified capital company as a result of this article or any of the activities authorized herein by any court of law.
WV Code § 5E-1-13 (2021)
2021 West Virginia Code|Chapter 5E. Venture Capital Company|Article 1. West Virginia Capital Company Act|§5E-1-13. Restrictions on Investment

(a) No more than thirty percent of the equity raised by a West Virginia capital company under this article may be invested in any one West Virginia business.(b) No portion of the capital base of a West Virginia capital company may be invested in a business that is the "alter ego" of that West Virginia capital company. Furthermore, after the effective date of this article no investments shall be made by a West Virginia capital company to a business that is an "alter ego" of the West Virginia capital company: Provided, That this restriction on investments shall not effect any contracts entered into prior to the effective date of this article. For purposes of this subsection, a business is an "alter ego" of the West Virginia capital company if any one or more of the following criteria are satisfied:(1) The ownership of the business is substantially related to the ownership of the capital company; or(2) The board of directors of the business is controlled by the capital company: Provided, That a capital company may control the board of directors of a business if control consists of no more than a simple majority of the board.(c) No owner, director, officer or employee of a West Virginia capital company may occupy any management position in any business in which that capital company has invested, unless that person is filling that management position in an effort to remedy problems arising from a lack of profitability of the business or from dishonesty of the persons otherwise managing the business.(d) West Virginia capital companies that are small business investment companies are not governed by the restrictions described in subsections (b) and (c) of this section but shall conform the rules and regulations promulgated by the small business administration.(e) Each qualified West Virginia capital company may not invest any of its capital base in any of the following businesses:(1) Banks;(2) Savings and loan associations;(3) Credit companies;(4) Financial or investment advisors;(5) Brokerage or financial firms;(6) Other capital companies;(7) Charitable and religious institutions;(8) Conventional oil and gas exploration;(9) Insurance companies;(10) Residential housing or development; or(11) Any other business which the authority determines to be against the public interest, the purposes of this article or in violation of any law.The authority, by the promulgation of rules in accordance with section five of this article, may designate, in addition to those listed in this subsection, other businesses in which capital companies may not invest any of their capital base.
WV Code § 5E-1-14 (2021)
2021 West Virginia Code|Chapter 5E. Venture Capital Company|Article 1. West Virginia Capital Company Act|§5E-1-14. Conflict of Interest

No officer, member or employee of the authority shall be financially interested, directly or indirectly, in any capital company.
WV Code § 5E-1-15 (2021)
2021 West Virginia Code|Chapter 5E. Venture Capital Company|Article 1. West Virginia Capital Company Act|§5E-1-15. Investment Reporting and Record Keeping

(a) Each qualified West Virginia capital company shall report, at a minimum, to the Tax Commissioner and the authority on a semiannual basis:(1) The name of each investor in the qualified West Virginia capital company who is entitled to a tax credit;(2) The amount of each investor's investment in the capital company;(3) The amount of the tax credit allowed to the investor and the date on which the qualified investment that generated the tax credit was made;(4) All qualified investments the company has made;(5) An affidavit for each business invested in, prepared by any officer or partner of each such respective business which sets forth (A) that it is a business located in or principally based in West Virginia; (B) that more than fifty percent of its assets, operations and employees are located in West Virginia; and (C) a brief description of the activities the business is engaged in; and(6) An affidavit pertaining to each business invested in, prepared by an officer, partner or trustee of the qualified West Virginia capital company which demonstrates with respect to such business (A) that the business invested in is not a business engaged in an activity prohibited by subsection (d), section thirteen of this article; (B) that more than fifty percent of the assets, operations and employees of the business invested in are located in West Virginia; and (C) that, if a qualified investment, the business invested in is engaged in activities that meet the requirements of a qualified investment as listed in subdivision (d), section four of this article.(b) The authority, by the promulgation of rules, in accordance with section five of this article, may require that each qualified West Virginia capital company, in its semiannual report to the Tax Commissioner and the authority, disclose information in addition to the disclosures required by subsection (a) of this section.(c) The company shall provide each investor in a qualified West Virginia capital company with a certificate authorizing the tax credits, and a true copy of the certificate shall be submitted with each taxpayer's tax return claiming a credit under section eight of this article.
WV Code § 5E-1-16 (2021)
2021 West Virginia Code|Chapter 5E. Venture Capital Company|Article 1. West Virginia Capital Company Act|§5E-1-16. Examination

(a) Annually each qualified capital company and center shall cause its books and records to be audited by an independent certified public accountant in accordance with generally accepted auditing and accounting principles. In addition to the performance of a financial audit, the audit shall address the methods of operation and conduct of the business of the West Virginia capital company or center to determine compliance with this article and that the funds received by the company have been invested within the time limits required by this article. Upon completion, a copy of the audit report shall be certified and sent to the authority.(b) The authority may examine, under oath, any of the officers, directors, agents, employees or investors of a West Virginia capital company or center regarding the affairs and business of the company or center. The authority may issue subpoenas and subpoenas duces tecum and administer oaths. Refusal to obey such a subpoena or subpoena duces tecum may at once be reported to the circuit court of the county in which the company or center is located or the persons subpoenaed reside and the circuit court shall enforce obedience to the subpoena or subpoena duces tecum in the manner provided by law for compliance with a subpoena or subpoena duces tecum issued by a circuit court of this state.(c) In addition to the audits herein required, the authority and the Tax Commissioner may jointly audit any capital company or number of capital companies or centers in any year on a random basis, or for cause, or for any other basis the authority or the Tax Commissioner may select. The Tax Commissioner may also audit any company or business in which a capital company has made an investment, or which a capital company proposes to invest, on a random audit selection basis, or for cause, or on any other basis the Tax Commissioner may select. Nothing herein shall be construed to prohibit the Tax Commissioner from conducting any audit relating to the administration or enforcement of the tax laws of this state which the Tax Commissioner may, in his or her discretion, determine to be appropriate.
WV Code § 5E-1-17 (2021)
2021 West Virginia Code|Chapter 5E. Venture Capital Company|Article 1. West Virginia Capital Company Act|§5E-1-17. Failure to Comply

(a) If the examination conducted pursuant to section sixteen of this article discloses that a West Virginia capital company or center is not in compliance with the provisions of this article, the authority may exercise any of the powers necessary and appropriate to protect the authority's interest.(b) The authority shall give a West Virginia capital company or center written notice of any inadequacies in its compliance with the provisions of this article, and specify a period of time the company has to redress such inadequacies. Failure within said time period to make corrections will result in further action by the authority pursuant to this section.
WV Code § 5E-1-18 (2021)
2021 West Virginia Code|Chapter 5E. Venture Capital Company|Article 1. West Virginia Capital Company Act|§5E-1-18. Ruling Procedure

(a) The authority may issue an informal ruling as to its position on the application of this article and the rules promulgated thereunder to a stated transaction or event.(b) Such rulings will only be issued after receipt of a written request and payment of a nonrefundable filing fee.(c) Such rulings shall not constitute binding precedent, and are issued solely for the guidance of those persons requesting the ruling. Such rulings may be modified prospectively at any time with notice to the recipient of the ruling at said recipient's last address known to the authority and may be published or released by the authority with facts or characteristics identifying the person or persons requesting the ruling omitted or modified.(d) Notwithstanding any provision of this section, rulings relating to issues of taxation may be issued only by the State Tax Commissioner and may not be issued by the authority.
WV Code § 5E-1-19 (2021)
2021 West Virginia Code|Chapter 5E. Venture Capital Company|Article 1. West Virginia Capital Company Act|§5E-1-19. Effective Date; Transition Rules

(a) The provisions of subsection (d), section eight of this article relating to credit carryback that were in effect on January 1, 1990, apply to any credit earned prior to the effective date of the amendments to that subsection, notwithstanding the fact that the taxpayer's taxable year does not end until a date on or after the effective date of the amendments to that subsection. The provisions of subsections (d) and (f), section eight of this article, as amended, prohibiting credit carryback and application of credit against interest, penalties and additions to tax apply to any credit earned on or after the effective date of the amendments to that subsection.(b) The provisions of section twelve of this article relating to minimum investment time limitations that were in effect on January 1, 1990, apply to any capital base qualified prior to the effective date of the amendments to that subsection. The provisions of subsection (a), subsection (b), subsection (c), section twelve of this article, as amended, apply to any capital base qualified on a date on or after the effective date of the amendments to that section.(c) The provisions of section twenty of this article relating to financial institutions are applicable to investments by financial institutions made on a date on or after the effective date of that section. Investments made on a date prior to the effective date of that section remain unaffected by the provisions of that section.(d) The provisions of subsections (b) through (d), section thirteen of this article relating to investment restrictions are applicable to investments made on a date on or after the effective date of those subsections. Investments made on dates prior to the effective date of those subsections remain unaffected by the provisions of those subsections.(e) As used in this section "amendments" means changes made in this article during the 1991 regular session of the Legislature.
WV Code § 5E-1-20 (2021)
2021 West Virginia Code|Chapter 5E. Venture Capital Company|Article 1. West Virginia Capital Company Act|§5E-1-20. Limitation on Financial Institutions

Not more than forty-nine percent of the total capital base of any capital company which is not a small business investment company may be owned by banks, savings and loan associations, savings banks or other financial institutions, or any affiliate thereof, as investors. No officer, employee or director of any such financial institution may vote as a member of the board of any capital company formed under the provisions of this article if the matter being voted upon affects the financial institution for which the board member serves as an officer, employee or director.