Okla. Stat. tit. 68, § 68-2357.63E
This is the official text of Okla. Stat. tit. 68, § 68-2357.63E, part of Oklahoma’s Stat. tit. 68, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 68,." Browse the sections below, each linked to its official government source.
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Effect of favorable determination letters issued
Official statutory text
prior to March 15, 2006 - Credit requirements.
A. Any person or entity that has obtained a favorable
determination letter from the Oklahoma Tax Commission prior to March
15, 2006, regarding the ability to claim or otherwise utilize any of
the tax credits authorized pursuant to the provisions of Section
2357.62 or 2357.63 of Title 68 of the Oklahoma Statutes shall not be
subject to the amendments to the Small Business Venture Capital
Formation Incentive Act made by this legislative measure to qualify
for the tax credits authorized pursuant to the provisions of Section
2357.62 or 2357.63 of this title except as provided in this section.
Notwithstanding any determination letter issued with respect to such
investment, no credit shall be allowed unless:
1. Such qualified investment is made prior to November 1, 2006,
to satisfy a legitimate business purpose of the entity receiving
such investment which is consistent with its organizational
instrument, bylaws or other agreement responsible for the governance
of the business venture;
2. The investor’s funds were at risk; and
Oklahoma Statutes - Title 68. Revenue and Taxation Page 844
3. The investment was not made chiefly for the purpose of
reducing tax liability.
B. Any investment in a qualified small business capital company
or an Oklahoma small business venture that occurs on or after
November 1, 2006, shall be subject to all of the provisions of the
Small Business Capital Formation Incentive Act as amended by the
provisions of this legislative measure.
A. Any person or entity that has obtained a favorable
determination letter from the Oklahoma Tax Commission prior to March
15, 2006, regarding the ability to claim or otherwise utilize any of
the tax credits authorized pursuant to the provisions of Section
2357.62 or 2357.63 of Title 68 of the Oklahoma Statutes shall not be
subject to the amendments to the Small Business Venture Capital
Formation Incentive Act made by this legislative measure to qualify
for the tax credits authorized pursuant to the provisions of Section
2357.62 or 2357.63 of this title except as provided in this section.
Notwithstanding any determination letter issued with respect to such
investment, no credit shall be allowed unless:
1. Such qualified investment is made prior to November 1, 2006,
to satisfy a legitimate business purpose of the entity receiving
such investment which is consistent with its organizational
instrument, bylaws or other agreement responsible for the governance
of the business venture;
2. The investor’s funds were at risk; and
Oklahoma Statutes - Title 68. Revenue and Taxation Page 844
3. The investment was not made chiefly for the purpose of
reducing tax liability.
B. Any investment in a qualified small business capital company
or an Oklahoma small business venture that occurs on or after
November 1, 2006, shall be subject to all of the provisions of the
Small Business Capital Formation Incentive Act as amended by the
provisions of this legislative measure.
Status: in_force · Read it on the official government site
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