(1) The board is
required by Title 90, chapter 8, MCA, to designate both "certified"
and "qualified" Montana capital companies in the order that completed
applications for designations as a "qualified" capital company are
received by the board and as investments in the capital company are actually
made. These rules establish the application procedure for initial designation
of eligible entities as "certified" Montana capital companies and the
application procedure for designation of "certified" capital
companies as "qualified" Montana capital companies when a
"certified" Montana capital company has been capitalized at a minimum
level of $200,000. The rules also provide for allocation of the tax credits to
individual investors.