620.3510.  Certification of capital investments, application, procedure. — 1.  A rural fund that seeks to have an equity investment certified as a capital investment eligible for credits authorized under the provisions of sections 620.3500 to 620.3530 shall apply to the department.  The department shall begin accepting applications within ninety days of August 28, 2024.  The application shall include:

  (1)  The amount of capital investment requested;

  (2)  A copy of the applicant's or an affiliate of the applicant's license as a rural business investment company under 7 U.S.C. Section 2009cc or as a small business investment company under 15 U.S.C. Section 681 and a certificate executed by an executive officer of the applicant attesting that such license remains in effect and has not been revoked;

  (3)  Evidence that, as of the date the application is submitted, the applicant or affiliates of the applicant have invested:

  (a)  At least one hundred million dollars in nonpublic companies located in counties within the United States with a population of less than fifty thousand according to the 2020 decennial census of the United States; and

  (b)  At least thirty million dollars in nonpublic companies located in Missouri;

  (4)  A business plan that includes a revenue impact assessment projecting state and local tax revenue to be generated by the applicant's proposed qualified investments, prepared by a nationally recognized, third-party, independent economic forecasting firm engaged by the applicant using a dynamic economic forecasting model that analyzes the applicant's business plan in yearly increments over the ten years following the date the application is submitted to the department.  Such plan shall include an estimate of the new and maintained jobs, new and maintained payroll, new and maintained revenue, and new and maintained taxable sales in this state as a result of the applicant's qualified investments; and

  (5)  A nonrefundable application fee of five thousand dollars payable to the department.

  2.  Within sixty days after the receipt of a completed application, the department shall grant or deny the application in full or in part.  The department shall deny the application if:

  (1)  The applicant does not satisfy all of the criteria provided under subsection 1 of this section;

  (2)  The revenue impact assessment submitted with the application does not demonstrate that the applicant's business plan will result in a positive fiscal impact on this state over a ten-year period that exceeds the cumulative amount of tax credits that would be issued to the applicant if the application were approved; or

  (3)  The department has already approved the maximum amount of capital investment authority under section 620.3515.

  3.  If the department denies any part of the application, it shall inform the applicant of the grounds for such denial.  If the applicant provides any additional information required by the department or otherwise completes its application within fifteen days of the notice of denial, the application shall be considered complete as of the original date of resubmission.  If the applicant fails to provide the information or fails to complete its application within the fifteen-day period, the application shall remain denied and shall be resubmitted in full with a new submission date and a new application fee.

  4.  Upon approval of an application, the department shall certify the proposed equity investment as a capital investment eligible for credits under sections 620.3500 to 620.3530, subject to the limitations contained in section 620.3515.  The department shall provide written notice of the certification to the applicant, which shall include the amount of the applicant's capital investment authority.  The department shall certify capital investments in the order that the applications are received by the department.  Applications received on the same day shall be deemed to have been received simultaneously.  For applications that are complete and received on the same day, the department shall certify applications in proportionate percentages based upon the ratio of the amount of capital investment authority requested in an application to the total amount of capital investment authority requested in all applications.