Applications for certification will be accepted only for Kansas businesses in the seed and early stage rounds of financing. Companies must meet the following criteria to be certified as a Qualified Kansas Business: The business has a reasonable chance of success and potential to create measurable employment within Kansas. In the most recent tax year of the business, annual gross revenue was less than $5,000,000. Businesses that are not bio-science businesses must have been in operation for less than 5 years; bio-science businesses must have been in operation for less than 10 years. The business has an innovative and proprietary technology, product, or service. The existing owners of the business have made a substantial financial and time commitment to the business. The securities to be issued and purchased are qualified securities. The company agrees to adequate reporting of business information to Commerce. The ability of investors in the business to receive tax credits for cash investments in qualified securities of the business is beneficial, because funding otherwise available for the business is not available on commercially reasonable terms. Must sign Qualified Company Agreement with the Kansas Department of Commerce. The purpose of the Kansas Angel Investor Tax Credit act is to facilitate: The availability of equity investment in businesses in the early stages of commercial development. Assist in the creation and expansion of Kansas businesses, which are job and wealth creating enterprises. Certification of companies must meet mandates established by Kansas statute to allow accredited Angel Investors to receive the Kansas Angel Investor Tax Credit.