(1) For a taxpayer to qualify for the tax rate under 15-30-3704, as of the date on which the sale or exchange of capital stock is made by the taxpayer, the corporation must have:
(a) at least 60 consecutive months of new business activity in the state, with the first activity occurring on or after January 1, 2021;
(b) more than 50% of its corporate officers residing in the state for the previous 36 months;
(c) at least 30% of its employees residing in the state for the previous 12 months; and
(d) at least 25 full-time employees residing in the state for the previous 36 months.
(2) In order for a taxpayer to qualify for the tax rate under 15-30-3704, the corporation whose capital stock was sold or exchanged may not be organized primarily for the purpose of land or real estate investment and in no case may more than 50% of the capital gain from the sale be attributable to gains on real property.
(3) The department shall adopt rules to implement and administer this part.