A business may participate in both the LED SSBCI Seed Capital/Venture Capital Program and the LED Angel Investor Tax Credit Program (AITCP).  However, any limited partners and/or members to the equity fund having used capital under the State Small Business Credit Initiative (SSBCI) Program from LEDC during an investment round are not eligible for AITCP.  If LEDC is a limited partner or member of a Seed/Venture capital fund and is investing SSBCI capital into the fund, it is referred to as a SSBCI Fund and must comply with all U.S. Treasury SSBCI Guidance. In order to comply, LEDC Investment shall be made on no less than the same terms and conditions, and with the same expected return on investment, as other private investors. LEDC, which is a department of LED, is a state entity that does not incur a state tax liability nor is eligible to earn state tax credits.  Therefore since LEDC is not eligible for AITC, any transaction that includes LEDC (with SSBCI capital) as a partner or member of the fund is deemed in-eligible for AITC.