Okla. Stat. tit. 68, § 68-2357.74E

prior to March 15, 2006 - Credit requirements.

Oklahoma Statutes - Title 68. Revenue and Taxation Page 860

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

2357.73 or 2357.74 of Title 68 of the Oklahoma Statutes shall not be

subject to the amendments to the Rural Capital Formation Incentive

Act made by this legislative measure to qualify for the tax credits

authorized pursuant to the provisions of Section 2357.73 or 2357.74

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

3. The investment was not made chiefly for the purpose of

reducing tax liability.

B. Any investment in a qualified rural small business capital

company or an Oklahoma rural small business venture that occurs on

or after November 1, 2006, shall be subject to all of the provisions

of the Rural Venture Capital Formation Incentive Act as amended by

the provisions of this legislative measure.