(a) A “qualifying corporation” is any corporation that:
(1) Annually elects (in a manner that may be determined by the tax administrator)
to be a qualifying corporation;
(2) Has at least ten (10) full-time equivalent active employees in this state; and
(3) Is principally engaged in one or more of the business activities described in
industry numbers 7371, 7372 and 7373 in the standard industrial classification, office
of the statistical standards, executive office of the president, United States bureau
of the budget, as revised from time to time.
(b) For purposes of this section, “full-time equivalent active employee” means any employee who works a minimum of thirty (30) hours per week in this state,
or two (2) or more part-time employees whose combined weekly hours equal or exceed
thirty (30) hours per week in this state.
(c) The annual election by a corporation to be treated as a qualifying corporation
for a fiscal year becomes effective for purposes of this section as of the first day
of the fiscal year for which the election is filed and must be filed with the tax
administrator on or before the due date prescribed by law (including any extensions)
for the filing of the corporation's tax return with the tax administrator for the
fiscal year. In no event shall an election be effective for fiscal years commencing prior to January
1, 1997, and in no event shall the exclusion available under the provisions of this
chapter be available to options that were issued prior to January 1, 1997.
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