The aggregate amount of credits issued to investors in a fund may not exceed 40% of the amount of cash invested by the fund in eligible businesses, except that, for certificates issued and investments made after June 30, 2002 but before July 1, 2003 and after June 30, 2005, with respect to fund investments in eligible businesses that are located in a high unemployment area, the aggregate amount of tax credits issued to investors in a fund may not exceed 60% of the cash invested by the fund in eligible businesses.

C. Aggregate investment eligible for tax credits may not be more than $5,000,000 for any one business for any one private venture capital fund as of the date of issuance of a tax credit certificate, except that the aggregate investment eligible for tax credits may not be more than $1,000,000 for any one business for any one private venture capital fund as of the date of issuance of a tax credit certificate for certificates issued and investments made after June 30, 2003 and before July 1, 2005.

D. The investment with respect to which any individual or entity is applying for a tax credit certificate may not be more than an aggregate of $500,000 in any one eligible business invested in by a private venture capital fund in any 3 consecutive calendar years, except that this paragraph does not limit other investment by any applicant for which that applicant is not applying for a tax credit certificate and except that, if the investment with respect to which any individual or entity is applying for a tax credit certificate may not be more than an aggregate of $200,000 in any one eligible business invested in by a private venture capital fund in any 3 consecutive calendar years relative to certificates issued and investments made after June 30, 2003 and before July 1, 2005.__If the entity applying for a tax credit certificate is a partnership, limited liability company, S corporation, nontaxable trust or any other entity that is treated as a flow-through entity for tax purposes under the federal Internal Revenue Code, the aggregate limit of $500,000 or $200,000, as applicable, applies to each individual partner, member, stockholder, beneficiary or equity owner of the entity and not to the entity itself. This paragraph does not limit other investment by any applicant for which that applicant is not applying for a tax credit certificate.

Sec. X-5. 10 MRSA §1100-T, sub-§4, as amended by PL 2001, c. 642, §9 and affected by §12, is further amended to read: