For purposes of this chapter:

1. (1) "Authority" means the South Carolina Department of Commerce.
2. (2) "Certificate" means a document executed by the fund verifying a tax credit for any year to which a lender is entitled.
3. (3) "Equity, near-equity, or seed capital" means capital invested in common or preferred stock, debt with equity conversion rights, royalty rights, limited partnership interests, limited liability company interests, and any other securities or rights that evidence ownership in private business.
4. (4) "Fund" means the South Carolina Venture Capital Fund.
5. (5) "Investor" means any corporation, limited liability company, community development corporation, or unincorporated business entity, including a general or limited partnership, that is selected by the fund to receive investments from the fund and then make venture capital investments therewith that meet the requirements of this chapter. An investor or a senior member of its management team must be a legal resident of this State and have a minimum of five years' experience in venture capital investing. In addition, substantially all of an investor's business activity shall be venture capital investing.
6. (6) "Innovation fund" means the South Carolina Technology Innovation Fund.
7. (7) "Person" means any individual, corporation, partnership, or other lawfully organized entity.
8. (8) "Research and development" means laboratory, scientific, or experimental testing and development related to new products, new uses for existing products, or improvements to existing products. Research and development also includes intellectual property, information technology, or technology transfer endeavors. The term does not include efficiency surveys, management studies, consumer surveys, economic surveys, advertising, or promotion, or research in connection with literary, historical, or similar projects.
9. (9) "Tax credit" means a credit against a lender's bank tax liability pursuant to Chapter 11, Title 12, or insurance premium tax liability pursuant to Chapter 7, Title 38 or other tax liability under Title 38, as the case may be, or in the case of a repeal or reduction by the State of the tax liability imposed by these sections, any other tax imposed upon such a lender by this State.
10. (10) "Venture capital" means equity, near-equity, and seed capital financing including, without limitation, early stage research and development capital for startup enterprises, and other equity, near-equity, or seed capital for growth and expansion of entrepreneurial enterprises.
11. (11) "Lender" means a banking institution subject to the income tax on banks under Chapter 11 of Title 12, insurance and insurance companies subject to a state premium tax liability under Chapter 7 of Title 38, and a captive insurance company regulated under Chapter 90 of Title 38.
12. (12) "Capital commitment" means the amount of money committed by the fund to an investor for a term of up to ten years, which term may be extended to provide for an orderly liquidation of the investor's portfolio investments.
13. (13) "Community development corporation" is as defined in Section 34-43-20(2).