Eligibility for the equity investment incentive tax credit under the Equity Investment Incentive Act of 2007, Arkansas Code § 15-4-3301 et seq., is limited to investments in:

1. (1) Targeted businesses as defined in Arkansas Code § 15-4-2703(39); or

2. (2) A business that receives assistance in the form of equity investments from capital investment funds that target early-stage businesses and start-up businesses, if the business:

   1. (A) Pays at least one hundred fifty percent (150%) of the lesser of the county average wage or the state average wage; and

   2. (B) Meets at least two (2) of the following conditions:

      1. (i) The business is in one (1) of the business sectors set forth in Arkansas Code § 15-4-2703(39);
      2. (ii) The business is identified in a local or regional economic development plan as the type of business targeted for recruitment or growth within the community or region;
      3. (iii) The business is supported by a resolution of the city council or quorum court in the municipality or county in which the business is located or plans to locate;
      4. (iv) The business is supported by business incubators certified under Arkansas Code § 26-51-815(d)(2)(D);
      5. (v) The business is supported by federal small business innovation research grants; or
      6. (vi) The business is supported by technology development or seed capital investments made by instrumentalities of the state.