Stock options from qualified high technology businesses excluded from taxation

(a) Notwithstanding any law to the contrary, all income earned and proceeds derived from stock options or stock, including stock issued through the exercise of stock options or warrants, from a qualified high technology business or from a holding company of a qualified high technology business by an employee, officer, or director of the qualified high technology business, or investor who qualifies for the credit under section 235-110.9, that would otherwise be taxed as ordinary income or as capital gains to those persons shall be excluded from taxation under this chapter. Similar provisions shall apply to options to acquire equity interests and to equity interests themselves with regard to entities other than corporations. (b) For the purposes of this section: "Holding company of a qualified high technology business" means any business entity that possesses: (1) At least eighty per cent of the total voting power of the stock or other interest; and (2) At least eighty per cent of the total value of the stock or other interest; in the qualified high technology business. "Income earned and proceeds derived from stock options or stock" includes income from: (1) Dividends from stock or stock received through the exercise of stock options or warrants; (2) The receipt or the exercise of stock options or warrants; or (3) The sale of stock options or stock, including stock issued through the exercise of stock options or warrants. "Qualified high technology business" means the same as defined in section 235-7.3.