(1) Each qualified Montana capital company shall report to the board on a quarterly basis beginning April 1, 1984 on forms provided by the board:

(a) the name of each new investor in the qualified Montana capital company; and:

(i) whether the investor is a partner in a partnership which expects to obtain or has received any tax credit pursuant to the Act, and if so, explain in detail;

(ii) whether the investor is a shareholder in a small business corporation that has obtained or is expected to obtain any tax credit pursuant to the Act, and if so, explain in detail;

(iii) if the investor is a partnership or a small business corporation, whether any of its partners or shareholders have or are expected to obtain tax credits pursuant to the Act, and if so, explain in detail;

(iv) if the investor is a corporate taxpayer, whether it is a member of an affiliated group as defined in ARM 8.97.802(c) and whether any wholly owned subsidiary or affiliate within the group has obtained or is expected to obtain any tax credits pursuant to the Act, and if so, explain in detail.

(b) the amount of each investor's investment; and

(c) the amount of the tax credit allocated to the investor and the date on which the investment was made.

(2) The board shall quarterly allocate available tax credits to the investors in qualified companies in the order the companies' completed applications for designation as "qualified" capital companies were received by the board and within the amount specified for each company in the certificates of "qualification". Priorities for tax credits among investors in an individual company shall be determined by earliest investment date.

(3) The board shall provide each investor in a qualified Montana capital company entitled to a tax credit with a certificate authorizing the tax credit, and the certificate shall be submitted with each tax return requesting a credit under section 90-8-202, MCA.

(4) The board shall quarterly notify each qualified company of the total tax credits allocated to each qualified company's investors.

(5) All tax credits available during the period before June 30, 1985 and the period between July 1, 1985 and June 30, 1987 and all tax credits available after July 30, 1987 shall be allocated by the board sequentially as determined by this section.