Virginia venture capital account definition

Virginia venture capital account means an investment fund that has been certified by the

Virginia venture capital account means an investment fund that has been certified by the Department as a Virginia venture capital account. In order to be certified as a Virginia venture capital account, the operator of the investment fund shall register the investment fund with the Department prior to December 31, 2023, (i) indicating that it intends to invest at least 50 percent of the capital committed to its fund in qualified portfolio companies and (ii) providing documentation that it employs at least one investor who has at least four years of professional experience in venture capital investment or substantially equivalent experience. "Substantially equivalent experience" includes, but is not limited to, an undergraduate degree from an accredited college or university in economics, finance, or a similar field of study. The Department may require an investment fund to provide documentation of the investor's training, education, or experience as deemed necessary by the Department to determine substantial equivalency. If the Department determines that the investment fund employs at least one investor with the experience set forth herein, the Department shall certify the investment fund as a Virginia venture capital account at such time as the investment fund actually invests at least 50 percent of the capital committed to its fund in qualified portfolio companies.

Virginia venture capital account means an investment fund that (i) invests at least 50 percent of its

Examples of Virginia venture capital account in a sentence

• Income, including investment services partnership interest income (otherwise known as investment partnership carried interest income), attributable to an investment in a Virginia venture capital account.

• If this line does not equal to 50% or more,the fund does not qualify as a Virginia venture capital account.

• To the extent included in federal taxable income, any income, including investment services partnership interest income, attributable to an investment made in a Virginia venture capital account on or after January 1, 2018, but before December 31, 2023, shall be subtracted from federal taxable income in determining Virginia taxable income.

• Every investment fund desiring to be certified by the department as a Virginia venture capital account for purposes of this subtraction must first register with the department by submitting an application indicating that it intends to invest at least 50% of the capital committed to its fund in qualified portfolio companies and currently employs at least one investor who has at least four years of professional experience in venture capital investment or substantially equivalent experience.

• The applications in subsections D and E of this section and any necessary attachments must be made on the form prescribed by the department, postmarked no later than January 31 of the calendar year following the calendar year in which the investment fund is applying for certification as a Virginia venture capital account.

• Once the department determines that an investment fund has actually invested at least 50% of the capital committed to its fund in qualified portfolio companies and has submitted the required attachments, it will provide certification to the investment fund stating that it is a Virginia venture capital account for purposes of this subtraction.

• An investment fund that has invested at least 50% of the capital committed to its fund in qualified portfolio companies may then submit an application for certification as a Virginia venture capital account.

More Definitions of Virginia venture capital account

Virginia venture capital account means an investment fund that (i) invests at least 50 percent of its 687 funds invested during the year in which the taxpayer claims a subtraction, or any of the previous five 688 years, in qualified portfolio companies and (ii) employs at least one investor who has either at least 689 four years of professional experience in venture capital investment or substantially equivalent 690 experience. "Substantially equivalent experience" includes, but is not limited to, an undergraduate 691 degree from an accredited college or university in economics, finance, or a similar field of study. The 692 Department may require a Virginia venture capital account to provide documentation of the investor's 693 training, education, or experience as deemed necessary by the Department to determine substantial 694 equivalency.

Virginia venture capital account means the same as that term is defined in subdivision C 25 of §58.1-402 of the Code of Virginia.

Virginia venture capital account means an investment fund that has been certified by the 1782 Department as a Virginia venture capital account. In order to be certified as a Virginia venture capital 1783 account, the operator of the investment fund shall register the investment fund with the Department prior 1784 to December 31, 2023, (i) indicating that it intends to invest at least 50 percent of the capital committed 1785 to its fund in qualified portfolio companies and (ii) providing documentation that it employs at least one 1786 investor who has at least four years of professional experience in venture capital investment or 1787 substantially equivalent experience. "Substantially equivalent experience" includes, but is not limited to, 1788 an undergraduate degree from an accredited college or university in economics, finance, or a similar 1789 field of study. The Department may require an investment fund to provide documentation of the 1790 investor's training, education, or experience as deemed necessary by the Department to determine 1791 substantial equivalency. If the Department determines that the investment fund employs at least one 1792 investor with the experience set forth herein, the Department shall certify the investment fund as a 1793 Virginia venture capital account at such time as the investment fund actually invests at least 50 percent 1794 of the capital committed to its fund in qualified portfolio companies. 1795 26. a. Income attributable to an investment in a Virginia real estate investment trust. To qualify for a 1796 subtraction under this subdivision, the investment shall be made on or after January 1, 2019, but before 1797 December 31, 2024. No subtraction shall be allowed for an investment in a trust that is managed by an 1798 affiliate of the taxpayer. No subtraction shall be allowed under this subdivision for a taxpayer who has 1799 claimed a subtraction under subdivision C 24 or 25 for the same investment. 1800 b. As used in this subdivision 26: 1801 "Distressed" means satisfying the criteria applicable to a locality described in subdivision E 2 of 1802 § 2.2-115. 1803 "Double distressed" means satisfying the criteria applicable to a locality described in subdivision E 3 1804 of § 2.2-115. 1805 "Virginia real estate investment trust" means a real estate investment trust, as defined in 26 U.S.C. 1806 § 856, that has been certified by the Department as a Virginia real estate investment trust. In order to be 1807 certified as a Virginia real estate investment...

Virginia venture capital account means an investment fund that has been certified by the Department as a Virginia venture capital account. In order to be certified as a Virginia venture capital account, the operator of the investment fund shall register the investment fund with the Department prior

Virginia venture capital account means an investment fund that has been certified by the Department as a Virginia venture capital account. In order to be certified as a Virginia venture capital account, the operator of the investment fund shall register the investment fund with the Department prior to December 31, 2023, (i) indicating that it intends to invest at least 50 percent of the capital committed to its fund in qualified portfolio companies and (ii) providing documentation that it employs at least one investor who has at least four years of professional experience in venture capital investment or

Virginia venture capital account means the same as that term is defined in subdivision 27 of § 58.1-322.02 of the Code of Virginia.