(1) Eligibility for the equity investment incentive tax credit under this subchapter is limited to investments in: Targeted businesses as defined in § 15-4-2703(43); or
(2) A business that receives assistance in the form of equity investments from capital investment funds that target early-stage businesses and start-up businesses, if the business: Pays not less than one hundred fifty percent (150%) of the lesser of the county average wage or the state average wage; and
(3) Meets at least two (2) of the following conditions: The business is in one (1) of the business sectors set forth in § 15-4-2703(43)(A)(i)-(vi);
(4) The business is identified in a local or regional economic development plan as the type of business targeted for recruitment or growth within the community or region;
(5) The business is supported by a resolution of the city council or quorum court in the municipality or county in which the business is located or plans to locate;
(6) The business is supported by business incubators certified under § 26-51-815(d);
(7) The business is supported by federal small business innovation research grants; or
(8) The business is supported by technology development or seed capital investments made by instrumentalities of the state.
(9) The award of the equity investment incentive tax credit to a qualified business under subsection (a) of this section shall be determined jointly at the discretion of the Director of the Arkansas Economic Development Commission with the advice of the Board of Directors of the Division of Science and Technology of the Arkansas Economic Development Commission and the President of the Arkansas Development Finance Authority.
(10) Only cash investments shall qualify for the equity investment incentive tax credit under this subchapter, including without limitation the initial principal amount of a qualifying convertible financing structure if the convertible financing structure is required to be converted to equity by the business receiving the investment no later than five (5) years from the date the convertible financing structure was consummated.
(11) A business that seeks eligibility for an equity investment incentive tax credit under this subchapter shall sign an equity investment incentive agreement with the Arkansas Economic Development Commission.