Intrastate offerings are when securities are only offered to investors that live in the state where the business resides. This type of transaction qualifies for the SEC registration exemption on a federal level. However, state securities laws (blue sky laws) still have to be followed. Rule 147 specifies that 80% or more of the issuer’s revenue and assets must remain in the specified state, as well as 80% of the proceeds from the intrastate offerings must be used in the same state.