ND SB2218

Restricts renaissance fund organizations to financing projects located within designated renaissance zones, effective for new financing initiated after December 31, 2011.

Increases the total aggregate income tax credits allowed for investments in renaissance fund organizations from $7.5 million to $8.5 million.

Requires that no more than 50 percent of investments qualifying for credits be used to finance projects within a renaissance zone.

Prohibits renaissance fund organizations from investing in any enterprise where a single officer or employee owns more than 49 percent of the ownership interest, effective for investments made after December 31, 2011.

Prohibits renaissance fund organizations from investing in enterprises where officers and employees collectively own more than 49 percent of ownership interests, either directly or through pass-through entities.