DEFINITION OF QUALIFIED BUSINESS

(a) In this chapter, "qualified business" means a business that complies with this section at the time of a certified capital company's first investment in the business. (b) A qualified business must: (1) be headquartered in this state and intend to remain in this state after receipt of the certified capital company's investment; and (2) have the business's principal business operations located in this state and intend to maintain business operations in this state after receipt of the certified capital company's investment. (c) A qualified business must agree to use the qualified investment primarily to: (1) support business operations in this state, other than advertising, promotion, and sales operations which may be conducted outside of this state; or (2) in the case of a start-up company, establish and support business operations in this state, other than advertising, promotion, and sales operations which may be conducted outside of this state. (d) A qualified business may not have more than 100 employees and must: (1) employ at least 80 percent of the business's employees in this state; or (2) pay 80 percent of the business's payroll to employees in this state. (e) A qualified business must be primarily engaged in: (1) manufacturing, processing, or assembling products; (2) conducting research and development; or (3) providing services. (f) A qualified business may not be primarily engaged in: (1) retail sales; (2) real estate development; (3) the business of insurance, banking, or lending; or (4) the provision of professional services provided by accountants, attorneys, or physicians.