1.    The director shall certify whether a business that has requested to become a qualified business meets the requirements of section 57-38.5-01. The director shall establish the necessary forms and procedures for certifying qualified businesses.

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2.    A qualified business may apply to the director for a recertification. Only one recertification is available to a qualified business. The application for recertification must be filed with the director within ninety days before the original certification expiry date. The recertification issued by the director must comply with the provisions of subsection 3.

3.    A certification letter must be issued by the director to the qualified business. The certification letter must include:

a.    The certification effective date.

b.    The certification expiry date. The expiry date may not be more than four years from the certification effective date.

4.    The maximum aggregate amount of qualified investments a qualified business may receive for all tax years is limited to five hundred thousand dollars under this chapter. The tax credit allowed on qualified investments in a qualified business must be allowed to taxpayers in the chronological order of the taxpayer’s qualified investments as determined from the forms filed under section 57-38.5-07. The limitation on investments under this subsection may not be interpreted to limit additional investment by a taxpayer for which that taxpayer is not applying for a credit.